Mysterious wallets have burned tons of $SHIB, pushing the burn rate up 103%. shibburn BabyDoge
It happened as another large amount of SHIB was sent to dead-end wallets.Per data published on the Shibburn website, within the last 24 hours, various entities and individuals in the SHIB army have transferred 59,638,305 SHIB coins to dead-end wallets, where they will be permanently locked.
This burn has increased the overall burn rate of Shiba Inu by 102.62%. Among the burn transactions, two of the biggest stand out. These two made by mysterious wallets together burned 45.7 million Shiba Inu. These wallets are:Token burns are conducted with the goal of reducing the circulating supply of Shiba Inu in order to make the coin more scarce and are eventually targeted at sending its price through the roof.
However, the smaller-cap meme token BabyDoge has been making much bigger burns than the SHIB army. As covered by U.Today on Sept. 27, the BabyDoge teamThe BabyDoge team removed 13,364,615,564,375 coins worth $15,623 compared to 130 million SHIB evaluated at $1,430. In June of this year, the BabyDoge community voted to let developers burn 50 quadrillion of BabyDoge. The burn was conducted on July 1 and, since then, they have continued to destroy eye-twitching amounts of BabyDoge.
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