The combustion mechanism on the Shiba Inu (SHIB) network runs full hours. In the past 24 hours, the so-called burn rate has increased by more than 160%.

This indicates an increase in the number of SHIB tokens being burned and therefore removed from circulation. The token burning process is seen as a positive development for Shiba Inu’s stock price as it makes the popular memecoin more scarce, which could theoretically increase its value.

16 million worth of Shiba Inu tokens burned

More than 16.21 million SHIB tokens were burned within a 24-hour period, marking an increase of almost 163% compared to the previous day. These tokens were sent to so-called escrow blockchain addresses in nine transactions.

These are special wallets that can receive tokens but not send them, effectively making these coins inaccessible to investors. While the number of 16 million SHIB tokens seems significant, their market value is relatively modest at around $470.

In just 24 hours, we have seen a nearly 163% increase in SHIB token burns, with more than 16.21 million units removed from circulation. These tokens have been transferred to so-called escrow blockchain addresses via nine different transactions. These unique wallets can receive tokens but cannot send tokens, meaning these coins are forever out of reach for investors.

Although 16 million is a large amount of Shiba Inu tokens, their current value is relatively small, approximately $470 worth of SHIB coins.

SHIB price rises

As the burn rate on the Shiba Inu network increases, the coin also registers an increase in price. Over the past 24 hours, the altcoin has increased in value by 2.5% to a current price of $0.000029. The popular memecoin therefore seems to be on its way to attempting to break the important resistance at $0.00003. At the end of March, the altcoin made an earlier attempt to break the price barrier, but the attempt was in vain.

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