“In the last 24 hours, an impressive amount of more than 211.14 million Shiba Inu tokens have been taken out of circulation, or ‘burned’. What is special here is that no less than 207.71 million was destroyed in a single transaction.
Biggest burn of the day
The Shiba Inu community has conspicuously permanently destroyed 211,140,844 SHIB tokens through just three separate transactions. This mass burn is a pivotal moment for the community, as no such action has taken place since June 4.
A standout player of the day was a wallet associated with Binance called Binance 14. This wallet transferred a staggering 207.71 million SHIB to the dead wallet in a single transaction. The impact of this massive burn was significant; it resulted in a 3874.12% increase in overall burn rate compared to the previous day.
Shiba Inu Price Crashes 20 Percent
On the other hand, Shiba Inu has experienced a 1% increase in its circulating supply, with an astounding amount of 4 trillion (4T) SHIB Tokens unlocked by a long-term holder and instantly transferred to one of the wallets associated with Binance called Binance 8.
This, along with the general malaise in the crypto market caused by recent actions by the US Securities and Exchange Commission (SEC), has led to a significant drop in price for Shiba Inu today. At the time of writing, SHIB is trading at $0.000006256, representing a 21.40% drop in the past 24 hours. The trading volume for the last 24 hours is $293,276,372, or $293.27 million.