SHIB Burn Rate Increased by 384%

The Shiba Inu community continues to regularly remove SHIB tokens from the circulating supply. In the past 24 hours, another huge stash of Shiba Inu meme coins has been transferred to dead wallets.

However, since Wednesday, SHIB is trading in the $0.000010 range after losing more than 6%. There is a risk of adding another zero to the price of the Shiba Inu.

According to data shared by tracking platform Shibburn, the SHIB community has gotten rid of 4,846,823 SHIBs in the past 24 hours, thus increasing the burn rate by 384%, according to a new tweet posted on their Twitter account.

But over the past week, the total amount of SHIB burned leaves much to be desired – just 21,184,222 SHIB, although the Shiba Inu’s burn rate has increased by more than 1,000% several times over. This is 93.48% less than the previous week. Meanwhile, the SHIB team is working on creating its own cold wallet.

On top of the earlier developments, news spread that the Shiba Inu team had developed a customized cold storage wallet for SHIB. Now Shiba Inu is holding an AMA (“ask me anything”) session with leading crypto exchange Huobi and blockchain platform CertiK, which deals with smart contracts. According to the source at SHIB Discord, this could result in a partnership and collaboration with these companies.

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