Shiba Inu burn rate: Decentralized meme crypto coin burns 1 billion tokens, mystery wallet fuels rally

Shiba Inu burn rate: Cryptocurrency Shiba Inu (SHIB) burn rate logged a massive 8,470 per cent surge on March 25, after an anonymous wallet carried out a massive token burn. According to data from Shibburn, a well-known community tracker, a mysterious wallet (‘0x55B…182E3’) transferred one billion SHIB tokens to the official burn address in a single transaction today.

According to Binance, the transaction was valued at $13,050, based on SHIB’s market price of $0.00001305 at the time. On-chain data indicates that this wallet has previously executed similar burns.