As the SHIB community is committed to the deflationary system, it continues to burn frowned meme coins to the lent.
The massive revival of this metric has destroyed millions of Shivburn today, according to the latest data from on-chain tracking platform Shivburn.
Data shows that burn rates surged on Friday at an impressive 12,833%. This explosive increase in the burn rate of Shiv over the past 24 hours was driven by an increase in the amount of Shiv that was destroyed during the period.
In particular, we have made sure to avoid dening tokens and lowered our total supply, as 13,090,171 large shivs are being sent to withered wallets.
This major move reduced the total circular supply of Shiba inu tokens to 584,532,038,460,906. This is a move to increase rarity and could drive a surge in token prices.
Further data provided by Shibburn shows the recent burn transactions that have driven a surge in this important metric. Large-scale siv burning occurred in just three transactions.
In the largest transaction, over 7.5 million Shivs have been moved to an indisputable blockchain wallet in minutes from an anonymous address.
Nevertheless, apart from the 7.5 million Siv above, the other two transfers on the burn list for the day, 119,379 and 267,141 Siv were brought to Inferno Wallet.
This large five-digit spike burn rate spike had a consistent low for several days. So, Surge has seen bullish responses from community members as it rekindled investors’ trust in the future potential of Shiv Tokens.
This surge in key metrics coincides with a sharp revival of the broad crypto market late in the day, but sib holders are optimistic that this could be the start of something big in token prices.
However, it is important to note that Shib’s burn rates only try to promote rarity, which can increase value in the long run, and therefore do not directly affect token prices in the short term.