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The Shibburn tracker revealed 24,471,166 SHIB tokens were burned in the past 24 hours.

SHIB burn rate has gone up in recent weeks, with over half a billion sent for burns since last week.

Shiba Inu price was unaffected by the burns, with the token declining by 23% in the past 30 days.

According to data shared by the Shibburn tracker in a recent tweet, there have been a total of 24,471,166 SHIB tokens burned in the past 24 hours. As per the post, these tokens burned came from 10 different transactions.

In the past 24 hours, there have been a total of 24,471,166 $SHIB tokens burned and 10 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/FlatiKhLOd — Shibburn (@shibburn) September 8, 2023

Recently, the amount of Shiba Inu tokens burn rate increased significantly, raising attention in the crypto market. Over the past week, over half a billion Shiba Inu coins were sent for burning.

However, the 24 million burned tokens is a drastic fall from previous daily highs, representing a 42% decline from the previous day’s figure. So far, close to half of the circulating SHIB supply has gone in burns but that seems to have had little effect on meme coin’s price.

Data from CoinMarketCap reveal that Shiba Inu has gained 0.42% in the past 24 hours. However, the trade volume of the token dropped by 7.8% within the same period, after registering $92 million in transactions.

Monthly price chart data shows the token has lost 23.43%. At the time of press, the token is exchanging hands at $0.000007657 apiece.

Meanwhile, the Shiba Inu lead developer Shytoshi Kusama has stated that the main priority for the Shibarium is its adoption and not SHIB burns. According to him, while the burns are essential, he believes the adoption of the platform is more important.

Since its relaunch, the Shibarium has recorded over 1.16 million completed transactions and registered over 1.1 million addresses. However, the TVL on the platform continues to see a rapid decline, according to data from DeFiLama. Lately, DeFis with major TVL on the platforms has been reducing their holdings.

Meanwhile, the Shibburn tracker addressed rumors that Vitalik Buterin’s SHIB burn pushed the price up. According to the tracker, the burn had no effect on the price at the time. Instead, the price surge was the result of high demand for SHIB.