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SHIB Burn Rate Skyrockets 27,510% as SHIB Team Destroys 9.3 Billion Shiba Inu

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Shibburn burn tracking platform that accumulates data from Etherscan and then publishes it on its website has noticed an astonishing number of SHIB destroyed in a single transaction, pushing the burn rate up by 27,510%.

In the meantime, this month, the SHIB team is expected to integrate automated Shiba Inu burns, which will allow them to remove trillions of meme coins from circulation easily.

Billions of Shiba Inu pushed out of circulation

According to Shibburn, over the last 24 hours, a massive amount of 9,352,492,391 SHIB meme coins was burned. Ninety-nine percent of this astounding stash was removed from the circulating supply in merely one transfer, carrying 9,351,444,446 SHIB. This is the equivalent of $89,025 in fiat.

Overall, so far, the aforementioned burn tracker has detected only four transactions — the one moving 9.3 billion SHIB, two carrying half a million SHIB each and one burning less than one Shiba Inu.

9.3 billion SHIB burned
Image via Shibburn

SHIB team resumes their massive burns?

This seems to be another huge burn conducted by the Shiba Inu team of developers as they continue to convert the $1 million worth of BONE tokens collected on Shibarium last November into SHIB and are then transferring them to unspendable blockchain addresses.

Collectively, in November and December, the SHIB team spearheaded by the mysterious Shytoshi Kusama transferred more than 36 billion Shiba Inu to dead-end wallets in four transactions carrying 8.5 billion SHIB each.

According to a blog post published in December, in January, the team intends to implement an update that will allow them to switch from a manual mode of burning SHIB to an automated one, and then they will be able to conduct astounding burns. According to an earlier statement made by Shytoshi Kusama, billions of SHIB are to be burned in the near future.

SHIB price performance

The second largest meme cryptocurrency by size of market capitalization, Shiba Inu, demonstrated a surge by more than 9% on Tuesday, following Bitcoin, as the hijacked Twitter account of the SEC announced approval of Bitcoin spot ETFs. The SHIB price then burned one zero, hitting $0.00001002. 

However, as the news proved to be fake, the canine-themed cryptocurrency went back to the $0.00000951 level, where it is changing hands at the moment.

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