The Shiba Inu ($SHIB) cryptocurrency’s burn rate increased significantly by over 320% in just one day. This happened because more than 130 million $SHIB tokens were sent to inactive wallets, effectively reducing the total number of $SHIB tokens in circulation.
This burn took place in 10 separate transactions, with one of them accounting for the majority of the tokens burned—100 million $SHIB tokens were sent to inactive wallets, leading to the significant increase in the burn rate.
The burn rate for Shiba Inu is increasing while the network’s layer-2 scaling solution, Shibarium, is experiencing record transaction levels shortly after being reactivated. This surge in transactions is happening despite a decrease in SHIB’s market value by approximately $2 billion.
In the past 24 hours, there have been a total of 131,033,101 $SHIB tokens burned and 10 transactions. Visit https://t.co/t0eRMnzx3T to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/99K5nOzt9Q
— Shibburn (@shibburn) September 21, 2023
Data from the Shibarium network explorer, Shibariumscan, shows that the Shibarium network has recently surpassed two million transactions, now totaling nearly 3 million transactions. The network also sees an average of around 200,000 transactions daily.
Additionally, Shibarium’s network has processed over 740,000 blocks, and there are more than 1.25 million wallet addresses created on the network.
According to LucieSHIB, a marketing strategist for the Shiba Inu ecosystem, Shibarium offers more attractive BONE rewards compared to ShibaSwap, which is a decentralized exchange built on the Ethereum network.
Shiba Inu Ecosystem Sees 633% Increase in Verified Contracts
Recent data from Shibariumscan shows a remarkable 633% increase in newly verified contracts in just one week within the Shiba Inu ecosystem.
SHIB is the primary token in the Shiba Inu ecosystem. It’s a community-driven digital currency operating on the Ethereum blockchain and was introduced in late 2020. It has gained global popularity and is used for payments in various ways, either directly or through third-party services.
Tokens in the Shiba Inu Ecosystem
BONE: This token has a limited supply of 250 million. BONE allows the Shiba Inu community, known as the Shib Army, to have a say in the project’s future by voting on proposals through the Doggy decentralized autonomous organization. It’s also the primary native asset on the Shibarium network, a blockchain platform developed by the Shiba Inu team.
LEASH: LEASH is another token in the ecosystem, and it has a limited supply of 107,646. It offers exclusive benefits to dedicated supporters of the Shiba Inu ecosystem.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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