This article has been republished with permission from Binance News.
According to CryptoPotato, Shiba Inu, a meme token associated with the Shibarium network, has experienced an 821% increase in its burn rate over the past 24 hours. Shibburn.com reports that 79 million SHIB tokens were burnt by various investors during this time. Most of the tokens were burnt by just three wallets.
The most recent SHIB burn recorded was by wallet 0x7d0c490, which burnt about 1,660,008 tokens. This wallet had previously completed several token burns, incinerating a total of about 7 million SHIB. Another wallet, 0x009bb72, burnt approximately 695.6K SHIB tokens in the same period. However, wallet 0x4be2b2c4 is responsible for burning at least 71 million SHIB during this time, completing about 14 burn transactions, with the largest single burn at 21.2 million SHIB.
This wallet holder has also recently been on a token-burning spree, burning hundreds of millions of SHIB in the past 7 days. The recent upsurge in the burn rate is surprising, as SHIB burn rates were previously depleting. The upsurge has slightly impacted SHIB prices, with the token experiencing a 1.5% surge from $0.000007565 to $0.00000769 in the past 24 hours.