Shiba Inu and FLOKI set burn rate record

[ad_1]

Dogecoin competitors Shiba Inu and FLOKI have seen their burn rates surge over the past few days. Interestingly, both meme coins have nearly identical burn rates, which raises the question: is there a concerted effort to significantly reduce the available supply of both?

Shiba Inu burning rate increased by 3,963%

After declining during the holiday season, Shiba Inu burn rates began to increase once the market became active again. Specifically, the data opened the new week at a low level. But on Wednesday, the cash burn rate began to surge 300% in 24 hours.

The rapid increase in burn rate continued into Thursday, with the increase being 10 times greater than Wednesday’s.according to data According to Shibburn, a website that tracks daily SHIB burn, SHIB burn rates spiked by 3,963% during the day. As of this writing, the burn rate has increased by 1,652% in the past 24 hours.

Source: Hibben

At the beginning of day 5, this number increased by approximately 600%. However, one wallet sent 1 million SHIB tokens to the burn address in one transaction, causing the burn rate to spike. Correspondingly, the total number of tokens burned increased to over 1.2 million, a jump of nearly 4,000%.

Despite the increase in burn figures, SHIB prices have not experienced any impact as they continue to fall. This difference suggests that burn rate has little impact on price and that the indicator continues to operate independently.

SHIB 4-hour price chart | Source: Tradingview

Floki return Witnessed a sudden increase in burning rate

The Shiba Inu isn’t the only meme coin to record an excellent burn rate over the past day. Another fierce competitor of Dogecoin, FLOKI, followed a similar path, with burn plans starting to gain popularity among the community.

Yesterday, 218 million FLOKI were withdrawn from circulation. This caused the cash burn rate to soar 600% and has continued to increase recently. As a result, the total number of tokens burned so far reaches 57.76% of the total supply.

source: Hidden eyes

Currently, there are only 4.22 trillion FLOKI left in circulation, accounting for 42.23% of the total supply of 10 trillion. This means that more FLOKI tokens were burned than there are in circulation.

Similar to the Shiba Inu, a surge in daily burn volume will not have a positive impact on FLOKI prices. As of writing, the coin is currently up just 1.6% on the daily chart, but is down as much as 8% on the weekly chart.