Shiba Inu Burn Rate Spikes By Nearly 200% As Price Recovers

Shiba Inu (SHIB), also known as “Doge Killer” within the cryptocurrency space, has experienced a notable increase in its burn rate, with millions of coins taken out of circulation.

Shiba Inu Burn Rate Is On Fire According to Shibburn, the platform that tracks Shiba Inu’s burn, the burn rate has increased significantly in the past day.

Data from the tracking platform shows that the burn has risen by almost 200% in the past 24 hours.

Related Reading: Shiba Inu Burn Rate Surges Over 1,400%, As Price Recovers Shibburn revealed that over 7 million SHIB tokens have been burnt in the last 24 hours.

As of the time of writing, the number of SHIB destroyed is sitting at 7,648,382, resulting in the burn rate soaring by 191.69%.

The increase in burn rate today was triggered by two burn transactions.

In less than 1 hour, a total of 7,621,237 Shiba Inu tokens were incinerated by the two transactions, according to Shibburn.

In the first transaction, the unknown wallet address 0xa9d1e08c7793af6…

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