As per Shibburn website data, various companies and individuals in the SHIB army have transferred 59,638,305 SHIB coins to dead-end wallets in the last 24 hours.
It happened when another significant amount of SHIB was routed to dead-end wallets.
Burn rate of SHIB soars 103%
As per Shibburn website data, various companies and individuals in the SHIB army have transferred 59,638,305 SHIB coins to dead-end wallets in the last 24 hours, where they would be permanently locked.
This burn raised Shiba Inu's total burn rate by 102.62%. Two of the most significant burn trades stand out. These two mysterious wallets combined burnt 45.7 million Shiba Inu. These wallets are: 0xf2a0ebbc6ae86445e798cffcad2054480f05d4ee and 0x4693e541bd7f63ffbb08651cd18381bb640bf163.
Token burns are carried out with the intention of reducing the circulating supply of Shiba Inu in order to make the coin rare. This results in the ultimate objective of driving its price over the roof. However, now that a year has passed since many individuals began to burn SHIB, the influence on the price is almost non-existent.
BabyDoge burns much more than Shiba Inu's army
The smaller-cap meme token BabyDoge has been inflicting far greater burns than the SHIB army. As CoinGabbar earlier reported, the BabyDoge team burned 46 times more meme coins than the SHIB army.
The BabyDoge team burned 13,364,615,564,375 coins valued at $15,623 as compared to 130 million SHIB valued at $1,430.
COINGABBAR VIEWS: In June, the BabyDoge community agreed to allow developers to burn 50 quadrillions BabyDoge. The burn took place on July 1st, and they have continued to destroy massive volumes of BabyDoge since then.
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