Shiba Inu Burn Rate Rises 1000%: Price Fails to React
Over the past few days, the Shiba Inu burn rate was hovering in negative territory. However, it finally managed to flip and step into positive territory today. Over the past 24-hours, around 7.8 million SHIB tokens have been removed out of circulation. Consequentially, the burn rate was up by roughly 1000% at press time. Source: Shibburn Also Read: Shiba Inu: U.S. Politician Says ‘I’m Buying SHIB’ The burn rate spike can be attributed to a series of transactions that took place over the past day. According to data from Shibburn, the latest burn transaction happened six hours back, where more than 1.1 million SHIB tokens were sent to a dead wallet address. Then, in three other separate batches, 2.6 million. 2.09 million, and 1.9 million tokens were burned around eighteen hours back. Source: Shibburn Also Read: Robinhood Involved in Transfer of ‘Millions’ of Dogecoin Shiba Inu price drops down to 2021 lows The rise in the burn rate has hardly impacted Shiba Inu’s price. It has been depr...