Krutika Adani
In a rare phenomenon, Shiba Inu’s burn rate spiked by 38,199,412% after nearly 40 million SHIB were burnt on 14 Aug 2024.
The surge was caused due to large transactions by whales and big investors. Retail participation was limited on the mentioned day.
On 14 August 2024, Into the Block revealed that Shiba Inu saw 600% increase in whale holdings over the preceding 24 hours.
High adoption, whale buying and retail participation has caused Shiba Inu’s burn rate to surge. In one statement, lead Shiba Inu developer Shytoshi Kusama mentioned that burning 99.9% of the token supply could become a reality in the future.
Shiba Inu is a crypto with a very high but fixed token supply, with nearly 588 trillion tokens. To raise the value of its cryptocurrency, the project must burn a decent number of SHIB tokens regularly.