. Over the past few days, the daily burns of SHIB have been high enough – since last morning tens of millions of SHIB have been locked out of circulation.101 million SHIB removed, burn rate goes up
Website of the Shibburn explorer shows that the amount of SHIB burned within the past 24 hours constitutes 101,138,080 meme coins. This propelled the burn rate to 161% level. Earlier this week, on Sunday, the burn rate soared by a whopping 1,619% with an impressive 330,000,000 meme coins sent to dead-end SHIB wallets.
This biggest burn since last morning was made by an anonymous whale who transferred a staggering lump of 79,500,000 SHIB to a dead address. Burn mechanisms were implemented to reduce the circulating supply of certain tokens in order to make them more scarce and therefore push the price upward in the long term. Aside from SHIB, BabyDoge, Floki, BNB, ETH practice regular token burns. Even those BTC coins that are stored in wallets whose owners have lost their private keys are considered to be “burned”, since these coins are out of circulation permanently.
At the time of this writing, SHIB is exchanging hands at $0.000007615, according to the data shared by the CoinMarketCap platform.
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