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After a total of 133,006,651 Shiba Inu coins were locked in dead-end wallets, a source shared on his website that SHIB’s overall burn rate has soared, demonstrating a 242.50% increase.
The burning of this amount of SHIB and the increase in the burn rate had 18 transactions made by various companies and individuals wishing to reduce the Circulating Supply of SHIB.
On Thursday, the growth of the SHIB recording rate was recorded by the aforementioned website, which accounted for 345.52%. On that day, a total of 64,506,471 Shiba Inu were removed from the system.
An online store Shib SuperStore, run by game developer for smartphones Travis Johnson, tweeted that in August he burned SHIB 14,804,845 through a program affiliated with Amazon.
Overall, the founder of this recording project believes that Amazon is an incinerator and that it remains strong in reducing the circulating supply of Shiba Inu.
The profiting of a group of whales with SHIB and Dogecoin is responsible for the recovery of the price of these meme coins from the recently reached highs.
Before both coins fell in price, trading activity skyrocketed on both chains as cryptocurrency transfers were worth more than $100,000 each. This caused massive selling pressure on meme tokens, pushing their prices down after a short-term rally and peak prices reached on Tuesday and Sunday.
