The Shiba Inu (SHIB) cryptocurrency recently experienced significant fluctuations in its burn rate, closely aligned with changes in its market valuation.
Over the last week, there was a noticeable slowdown in the rate at which tokens were being burned, coinciding with a drop in the coin’s market price.
The volume of SHIB tokens set aside for destruction decreased substantially during this period, leading to a lower overall burn rate.
Towards the end of the current week, however, the situation dramatically reversed. The burn rate for Shiba Inu tokens sharply increased, largely due to the actions of the project’s lead developer.
According to data from Shibburn, there has been a significant increase in the number of tokens being sent to the burn address.
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In just 24 hours, an impressive 87.76 million SHIB tokens were burned, marking an increase of 48,554.74% in the burn rate compared to previous figures.
This remarkable increase in burn activity involved transactions from just two wallets.
The wallet labeled “0xb8001c3” was responsible for burning 61.9 million tokens on Wednesday.
Following closely, the “0xa9d1e0” wallet contributed an additional 25.85 million SHIB tokens to the burn.
The sharp increase in burning activity stands in stark contrast to the previous day’s activity, where only 180,375 tokens were burned, resulting in a drastic 99.59% decrease in the burn rate.
This recent surge seems to be driven by organic factors rather than deliberate efforts by the Shiba Inu team or shifts in community sentiment.
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