SHIB burners have reportedly managed to increase the burn rate of the popular meme token by almost 250%. The burn rate increased by over 240% after over 133 million meme tokens were burned, following Shiba Inu’s Shibburn Tracker move to Unexpected Wallet. The price of SHIB and its main rival, DOGE, have both experienced significant market corrections.
Shib burners have managed to raise burn rate of meme token by quarter of million percent overnight
SHIB’s Shibburn Tracker Moved to Unexpected Wallet, shared that Shiba Inu’s burn rate has increased by over 240% after the recent burn of over 133 million meme tokens.
In the meantime, SHIB and its rival meme coin DOGE have faced major price corrections.
SHIB burn rate up 242%
after total 133,006,651 Shiba Inu coins were minted In dead-end wallets, as seen by Shibburn, the same source shared on their website that SHIB’s overall burn rate went through the roof, showing an increase of 242.50%.
Burning this amount of SHIB and raising the burn rate took 18 transactions by various companies and individuals that are eager to reduce the circulating supply of SHIB.
On Thursday, the SHIB burn rate increase as seen by the above website was 345.52%. On that day, a total of 64,506,471 Shiba Inu were removed from circulation.
This platform successfully burns SHIB via Amazon
As covered by U.Today earlier, online store Shib SuperStore, run by developer of games for smart phones Travis Johnson, tweeted that in August he had managed to burn 14,804,845 SHIB via an affiliate program with Amazon.
Overall, the founder of This Burn Project believes Amazon is a “solid daily burner” and remains strong to curtail the Shiba Inu’s circulating supply.
Whales kill SHIB and DOGE rally
Recently, Santiment data aggregator shared that the profit taking of a group of whales with SHIB and Dogecoin was what caused the rollback of these meme coins’ prices from the highs reached just recently.
Before both coins fell in price, transaction activity soared on both chains as transfers of over $100,000 each of crypto were made to both Shiba Inu and Dogecoin. This put a lot of selling pressure on the mem coin, pushing their price down after a short-term rise and top price levels on Tuesday and Sunday.