Popular dog-themed memecoin Shiba Inu (CRYPTO: SHIB) recorded a mammoth jump in its burn rate in the last 24 hours.
What Happened: About 71.18 million SHIB tokens were kicked out of circulation, according to the official burn tracker, Shibburn, representing a staggering 3641.09% surge.
A popular community member, going by the pseudonym Jolt, highlighted the burning of 69 million tokens in an NFT mint transaction by Shibarium-based collection, LumiBots.
69 Million $SHIB burned by @Lumi_Shibarium from their successful #NFT mint #Shibarmy
— Jolt (@Jolt_yourday) July 11, 2024
@Lumi_Shibarium #SHIB Token #Burn Transaction | Shibburn
Coin burning refers to a process where a cryptocurrency token is intentionally sent to an unusable wallet address to remove it from circulation. This is done to create scarcity and boost its market value.
Nearly, 410.72 trillion SHIB tokens have been burned as of this writing.
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Why It Matters: The spike in burn rate comes amid a 5.22% increase in Shiba Inu's daily active addresses in the last 24 hours, according to data from IntoTheBlock.
That said, whale engagement declined, with large transaction volume plunging 52%.
Market sentiment was mixed, with an equal number of holders profiting and losing at the current price.
Price Action: At the time of writing, SHIB was exchanging hands at $0.00001613, falling 0.84% in the last 24 hours, according to data from Benzinga Pro. The second-largest memecoin gained 22% over the week.
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