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Benzinga
Benzinga
Business
Adrian Zmudzinski

Shiba Inu Is On Fire: SHIB Burn Rate Up Over 3,000%; 303M Tokens Destroyed In One Day

SHIB Shiba Inu

Shiba Inu (CRYPTO: SHIB) — a major memecoin that has evolved into a utility token following the launch of non-fungible token (NFT) services and a decentralized exchange (DEX) — really hates its huge circulating supply and tries its best to reduce it as fast as possible.

What Happened: Shiba Inu burning data firm ShibBurn pointed out in a Tuesday tweet that over 303.68 million SHIB were burnt within 24 hours in five separate transactions. ShibBurn's website also shows that the burn rate increased by over 3,040% compared to the previous 24 hours, which saw only 7.7 million tokens destroyed.

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