Shiba Inu Frenzy: Burn Rate Soars 459%, Robinhood Adds 15B SHIB tokens

• Shiba Inu burn rate has jumped by 459.57% in the past 24 hours. 
• 146,261,497 SHIB tokens were sent for incineration in that period. 
• Robinhood adds 15 billion SHIB tokens to its portfolio.

In a notable development, the Shiba Inu burn rate has ticked up in the past 24 hours as the meme coin’s community sends millions of SHIB tokens for incineration. 

Data from the Shiba Inu burn tracker Shibburn reveals that 146,261,497 SHIB tokens were sent to the burn addresses and taken out of circulation. Furthermore, the data showed five wallet addresses partook in the incineration. 

Notably, a particular wallet burned 100 million SHIB tokens in a single transaction. Another wallet also burned over 30 million tokens in the same 24 hours. As a result, the burn rate jumped 459.57% in the aforementioned period. 

The incineration, a collective effort from the meme coin’s team and community, is aimed at reducing Shiba Inu’s circulating supply. Expectations are that a reduced supply of the tokens will help drive prices up. So far, over 410 trillion SHIB tokens have been taken from circulation. 

Mean…

The post Shiba Inu Frenzy: Burn Rate Soars 459%, Robinhood Adds 15B SHIB tokens appeared first on Coin Edition.