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Benzinga
Benzinga
Business
Adrian Zmudzinski

Shiba Inu Burn Rate Is Up 6,700%: The Supply Is Going Up In Flames

SHIB Shiba Inu

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.

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