Millions of Shiba Inu (SHIB) have been permanently removed from circulation in the past 24 hours. 9% Shiba burns from every purchase made using NOWPayments, driving the Shiba burn rate over 3,000% since last week. So, does this campaign affect the price?
Shiba Inu token burning operations peak
More than 303.68 million Shiba Inu (SHIB) have been burned through community-led activities in the last 24 hours, and the token burn rate has reached an all-time high. Shibburn.com recently announced via Twitter that it has tracked five transfers to a dead wallet in the past 24 hours. As a result of these transactions, 303,686,273 (303.68 million) Shiba Inu were permanently removed from circulation.
According to Shibburn.com statistics, only 7.703.474 (7.70 million) ) when the token was reported to have been burned, the burn rate has increased by 3043,73% in the past 24. Two major transactions were linked to an unused wallet, resulting in a spike in burn rate. These processes were completed in a period of approximately 9 hours. In the first transaction, 290,590,004 (290.59M) SHIBs, and in the second transaction, 10,000,000 (10.0 million) tokens were permanently removed from circulation.
How did the Shiba token burn campaign affect the SHIB price?
SHIB price regained a market cap of $15 billion and hit $0.00002791 on March 29. Compared to the previous day, the 24-hour trading volume of the meme token increased by approximately 239 percent to $3,757,221,328 ($3.75 billion).
Latest developments from Shiba Inu
- Shiba Inu has been listed on the Canada-based cryptocurrency market Netcoins.
- SHIB and LEASH burning campaign started in the famous fashion designer John Richmond’s store.
- Every purchase made through NOWPayments now burns 9% Shib and 1% Leash.
- Similarly, all three firms joined the SHIB burning trend through NOWPayments. The platform’s burning gateway is currently being used to test SHIB and Doge Killer. Welly’s Italian burger company, John Richmond clothing business and Sorbillo’s pizza chain will use NOWPayments to burn SHIB revenues.
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