In a positive turn of events, the Shiba Inu burn rate has seen another notable spike. This time around, the activity, meaning the number of addresses participating in the burns, has seen a notable increase and the burned tokens have risen by over 1,100% in one day.
Shiba Inu 1,166% Spike In Burn Rate
According to Shibburn, the official website for tracking the total amount of SHIB tokens burned each day, the Shiba Inu burn rate has seen a 1,166% spike. This spike is significant as it shows an increased willingness among Shiba Inu investors to burn tokens.
In the 24-hour period, a total of 35.29 million tokens have been burned, which is a marked difference from the previous day’s figures. However, what might be more important is the number of burn transactions that have been recorded in the 24-hour timeframe.
Shibburn’s data shows that there has been a total of 12 burn transactions from holders in the last day. This is a welcome change from the average of six burn transactions that have been recorded over this week. Notable burns have also been recorded across a number of transactions instead of concentrated to just one or two transactions only.
For example, the highest burn transaction during this time was a wallet which sent a little over 10 million tokens to the burn address. Then there are seven transactions carrying between 2 million and 5.5 million tokens to the address. While the rest of the transactions were carrying much lower volumes.
This spike in the burn rate follows a positive trend that began this week. On June 18, Bitcoinist reported that the Shiba Inu burn rate had seen a 5,569% spike. This comes after a notable stretch of time with muted burn performances, making this a positive turn in the tide.
Elsewhere, more specifically, the daily trading volume, Shiba Inu is performing poorly compared to its burn rate. The daily volume is down 14.22% and sitting at $270 million. In the same vein, the price is seeing daily losses of 0.71% and down 15.17% in the last week.
Featured image created with Dall.E, chart from Tradingview.com
