Shib burn rate up a staggering 8733.78% over the past 24 hours

Shiba Inu (SHIB) burn rate is up an enormous 8733.78% in the last 24 hours, according to the Shibburn website.

The burn rate of a token corresponds to a portion of the supply being sent to a burn token address, with the idea of putting deflationary pressure on a cryptocurrency’s supply/demand dynamic.

SHIB burns skyrocket

In the case of SHIB, that has led to a total of over 750,000,000 SHIB being sent to a burn address in the last 24 hrs.

SHIB is a meme-themed cryptocurrency that has recently gained attention in the crypto market. The project was launched in August 2020 as an ERC-20 token on the Ethereum blockchain.

The anonymous creators behind SHIB have not been revealed, but the project is backed by a decentralized autonomous organization (DAO) called Shibaswap.

The price of SHIB is currently $0.00001, with a market cap of $6.38 billion and 24-hour trading volume of $327.94 million. The price of SHIB is also up 2.9% in the last 24 hour trading.

SHIB controversy

The project has — since its founding — faced controversy over allegations of foul play by its developers — leading to a clash within the SHIB community who rallied behind and supported it during its early days.

Speculation is also rampant that a number of DAOs and prominent individuals from within crypto were part of early efforts to pump SHIB — including potentially Sam Bankman-Fried (SBF).

Read more: Shiba Inu community clash over allegations of foul play by developers

Other recent SHIB developments

More recently, reports have also emerged in the past 24 hours that SHIB whales have been moving millions from exchanges.

According to a data from the market analytics firm Santiment, a total of 6 transactions took place on March 20 — amounting to 406 billion SHIB ($276 million) being transferred from an exchange wallet to a self-custody wallet.