Burn rate of Shiba Inu token has faced mind-blowing rise in last 24 hours
The Shibburn website that tracks SHIB burn transactions has reported a solid increase in the SHIB burn rate over the past 24 hours.
The amount of burnt SHIB tokens has surpassed that removed yesterday by nearly 15 times. The majority of this SHIB was burned in a single transaction.
Burn Rate Spikes 1,502%
In the past 24 hours, a total of 134,658,618 Mem Tokens have been transferred to the “Inferno” address. According to data provided by Shibburn, out of this amount, 126,735,223 Shiba Inu were eliminated in a single transfer. The total amount of canine coins burned is equivalent to $1,408.
This has pushed the total burn rate to a 1,502% spike as during the previous 24 hours, with only as little as 8,402,785 SHIB locked in unspendable wallets.
“Amazon Burner” Prepares to Remove 247 Million SHIB
The @shib_superstore Twitter account — run by mobile phone game dev Travis Johnson, who regularly burns pubic SHIBs — tweeted that in late September, he’s preparing to burn at least $2,580 worth of Shiba Inu. doing.
This amounts to 246,653,919 Shiba Inu. Earlier this year, Johnson connected his online store to the Amazon affiliate program and has been using the commission payments from it to buy SHIB and burn them.
In a recent tweet, he said that as of Sunday, Amazon had allowed him to purchase approximately 30,497,131 Mem Coins worth $319.
Still, despite the fact that already 410,380,851,996,497 SHIB from the supply has been removed from circulation, the price has not been impacted, and the token continues to trade in the $0.00001 zone, going down by 14% over the past week.