The rate at which Shiba Inu's protocol is burning SHIB tokens increased exponentially throughout the past 24 hours.
However, walletis responsible for burning at least 71 million SHIB in the period. The wallet completed about 14 burn transactions, with the largest single burn at 21.2 million SHIB. There are several large burns of 8 million and 6 million tokens, respectively.
This wallet holder has also recently been on a token-burning spree, burning hundreds of millions of SHIB in the past 7 days. The recent upsurge in the burn rate is surprising, coming when SHIB burn rates were depleting. The upsurge has lightly impacted SHIB prices.Amid the recent high burn rate surge over the past 24 hours, SHIB has reported some slight price surges. In the period, SHIB moved from $0.000007565 to $0.00000769, a surge of about 1.5%. The recent burns are the author of the slight price surges.
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