In the past 24 hours, Shiba Inu’s SHIB token burn rate has surged by a staggering 5,000%, resulting in the elimination of around 2.7 million SHIB tokens, as per Shibburn data.
“Burning” tokens means sending them to an unrecoverable wallet address, effectively taking them out of circulation to boost scarcity. Even though Shiba Inu, often dubbed the “Dogecoin killer,” has seen a significant 5,000% rise in token burning, its market value has slightly declined by 2%.
Shiba Inu’s Positive Momentum: Shibarium Progress and Token Burns
Contributing to Shiba Inu’s optimistic outlook is the continuous development of Shibarium, the coin’s layer-2 blockchain solution designed to boost network capacity and decrease transaction costs. Since its August launch, Shibarium has surpassed 4 million transactions.
Furthermore, the network has achieved nearly 1.8 million mined blocks and boasts over 1.2 million individual wallet addresses, showcasing a consistent rise in daily transactional activity, currently at 16.09K daily transactions.
Earlier this week, a remarkable 47,872% surge was recorded, witnessing the incineration of over 28 million SHIB tokens.
Despite Shiba Inu’s reputation for its extensive supply ceiling, just under 1 quadrillion tokens, strategic burns have permanently removed more than 40% of them from circulation. At the time of writing, SHIB was trading at $0.0000082, reflecting a 1.58% decrease in the last 24 hours.
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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