Major memecoin Shiba Inu (CRYPTO: SHIB) saw an astonishing uptick in the rate at which its tokens are being burned — which means they are being destroyed permanently, diminishing SHIB's circulating supply and acting as a deflationary mechanism.
What Happened: The latest information provided by Shiba Inu burn data service ShibBurn shows that the rate at which SHIB tokens are being burned increased by nearly 6,700% over the last 24 hours. Furthermore, 745 million SHIB were permanently destroyed over the last 24 hours alone — for a total value exceeding $16,300 as of press time.
See Also: CAN SHIBA INU REACH $0.01?
The news follows Shiba Inu starting the testing of a new burn portal last week that helps the coin's users burn SHIB tokens, after announcing the initiative in late February.
At the end of January, Steven Cooper — the CEO of Bigger Entertainment — said that Shiba Inu can reach $0.01 thanks to his company's regular SHIB burn events. So far, over 410.3 trillion SHIB have been burned for a total value nearing $9 billion as of press time.
SHIB Price Action: Shiba Inu is trading at $0.00002159 after seeing its price fall by 3.38% over the last 24 hours.
