Shiba Inu Witnesses Significant Burn Rate of 252% in Last 24 Hours

• The Shibburn community burnt 1,500,000 SHIB tokens in a single transaction.
• The burn rate has recently picked up, with a total of 4.1 million SHIB tokens being burnt.

The substantial reduction in the Shiba Inu (SHIB) circulating supply has been caused by the quantity of SHIB burnt in the recent hour. More tokens have been burnt in the past 24 hours than in the previous day.

The Shibburn community burnt 1,500,000 SHIB tokens in a single transaction in an effort to minimize the oversupply of one of the crypto industry’s popular meme cryptocurrencies.

According to the Shibburn website, the burn rate for Shiba Inu has grown by 252% during the last 24 hours, with a total of 45,440,894 SHIB tokens being handed to dead wallets. Among the 10 burn transactions, the greatest single amount of SHIB was 23,616,644 SHIB, which was sent to an empty address.

Shiba Inu Ecosystem on the Rise

As was previously reported, the burn rate has recently picked up, with a total of 4.1 million SHIB tokens being burnt and destroyed only a few days ago. Additionally, WhaleStats, which keeps tabs on the contents of digital wallets, reports that SHIB is once again among the top 10 assets owned by Ethereum whales.

When compared to only two days ago, when the cryptocurrency had totally gone from the list of the most popular smart contracts, it has now made a triumphant return. The Shiba Inu ecosystem is developing in several ways than the widespread token burn mechanism. The Play-to-Earn (P2E) racing game with its own NFTs is the newest addition to the SHIB Metaverse.

Team members behind the effort also want to hold Grand Prix events on their metaverse racing platform, inviting gamers from all around the globe to compete for cryptocurrency prizes.