The leading meme coins, Dogecoin and Shiba Inu, have fallen by double digits in the last day. Since the beginning of April, Shiba Inu has shown a significant bearish trend across the board.
Against this backdrop, developers have increased the token's burn rate to 2,355.86% in the last 24 hours. As part of this activity, 110,474,927 SHIBs have been sent to wallets designated for burning, U.today reported.
The Shiba Inu community has taken the stance that the burn rate is considered an incentive to revive interest in the cryptocurrency. The Shibburn.com platform notes the deflationary steps taken by ShibArmy members when a significant amount of SHIB tokens was transferred to a dead wallet.
There were several large transactions: a transfer of 105.4 million SHIBs to wallet address "0x7d0c...b521f", a transfer of 3.4 million SHIBs from "0xdfff9e...cca3b", and 1.3 million SHIBs from "0x420801...c6836d".
After moving 110 million SHIBs to burn addresses, the total number of tokens removed reached 410,724,538,934,667, leaving 589,275,461,065,332 SHIBs in circulation.
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The Shiba Inu team is confident that this high burn rate will allow the SHIB price to grow again and regain lost ground.
At the time of writing, SHIB tokens were trading at $0.00002612, down 9% in one day and 13.2% in one week.
SHIB reached a high of $0.00004534 after a low of $0.00001987. Thanks to the burn rate performance and the whale influence of SHIB, the price of the meme coin could return to its best days and try to retest its all-time high (ATH) in the long term.
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