Shiba Inu Token Burn Surges by Over 1,450% Amidst Meme Coin Season
After another significant burn of SHIB tokens, the Shiba Inu burn rate in the preceding 24 hours surged to almost 1,450 percent. The community capitalized on the meme coin season to increase interest in the cryptocurrency and hasten the coin’s burn.
Over $2.9 billion SHIB have been burned this week by the Shiba Inu community, but the price hasn’t changed much because of the greater volume of transactions in other meme currencies. Most people agree that it’s about time for another SHIB rally.
According to the data shown on Shibburn, a total of 8 transactions representing 231,886,112 SHIB tokens were burned in the preceding 24 hours. The resulting SHIB burn rate increased by around 1500%.
Mainnet Launch Expected in August
There were just two wallets that added to the burn considerably. The two biggest wallets burned up a total of 16,324,455 and 200,583,666 Shiba Inu tokens, respectively. At 574.86 trillion, the total value of cash in circulation is still enormous.
Shibburn has promised a new website by the end of June to increase productivity. It will continue to track SHIB burns, but it will also include many additional components specifically designed to aid in the treatment of burns.
The lead developer of Shibarium, Shytoshi Kusama, as well as the administrator of the project’s Telegram channel, have both hinted towards a mainnet launch in August. The price of Shiba Inu has been largely flat this week despite the surge in interest in other meme currencies after the success of the PEPE meme currency.