Shiba Inu’s Burn Rate Skyrockets: 5000%; 2.7M Tokens Vanish in a Day

Shiba Inu (SHIB)

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.

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“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.

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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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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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