According to ShibBurn, a burn tracking website, approximately 5.5 billion units of Shiba Inu (SHIB), the second-largest meme coin, were transferred to inactive wallets in the past week, resulting in the tokens being burned.
Within 24 hours, an impressive 1.7 billion SHIB coins have been successfully burned. This recent surge in burning activity has resulted in a remarkable burn rate of 13150% for the meme coin.
The SHIB community has successfully eliminated a staggering 410 trillion tokens, valued at approximately $3.6 billion, based on the current rate of $0.00000885 per token. However, it’s worth noting that the circulating supply of Shiba Inu still surpasses 570 trillion units, with a market value of under $5.5 billion. These figures highlight the impressive efforts of the SHIB community while also emphasizing the potential for growth and development in the future.
Token burns are primarily implemented to establish scarcity, potentially elevating the remaining tokens’ value. Despite the recent token burns, the price of Shiba Inu has experienced amplified selling pressure, resulting in a decline of over 11%, as per the data obtained from the market tracking platform, CoinMarketCap.
According to the latest CoinMarketCap figures, the trading volume of SHIB surged by over 24% in the past 24 hours, with crypto enthusiasts buying and selling nearly $200 million worth of digital assets. This impressive uptick in activity marks a significant increase from the previous day’s figures.
In contrast, the Terra LUNA Classic (LUNC) community is taking a proactive approach to token management by implementing an aggressive burn strategy. With a staggering trillion units in circulation, the community has already eliminated over one billion LUNC tokens, valued at an impressive $89,191, as reported by Luncmetric, a reliable burn tracking website. This responsible and strategic approach to token management is a testament to the community’s commitment to long-term success.
Similar to the Shiba Inu, the present circulating supply of LUNC surpasses 5.8 trillion, with the tokens that have been burned to date amounting to less than 57 billion.
