Shiba Inu Burn Rate Rises as Community Burns Almost 75 Million SHIB Tokens

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Shiba Inu Burn Rate Rises as Community Burns Almost 75 Million SHIB Tokens

Last updated on May 18th, 2024 at 11:54 am

The ever-dedicated Shiba Inu community has succeeded in removing more SHIB from circulation, as it burns almost 75 million tokens. According to data shared by the Shiba Inu burn tracker, Shibburn, over the last 24 hours, the SHIB Army has destroyed another lump of the memecoin.

The increase in the burn rate can be attributed to the rising usage of Shibarium – the Shiba Inu layer 2 blockchain solution, which has been recording impressive growth since its relaunch.

SHIB Army destroys almost 75 million Shiba Inu tokens

Per Shibburn data, exactly 72,819,987 SHIB tokens have been sent to burn addresses over the last 24 hours. The total burn was carried out across 16 different transactions raising the burn rate by 136%. The most significant transaction burned 54,633,331 (54.6 million) SHIB tokens approximately 21 hours ago from press time.

Impressively, over the last 7 days, the Shiba Inu community has collectively burned about 570,000,000 Shiba Inu across 130 transfers.

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SHIB Army destroys almost 75 million Shiba Inu tokens

Source: Shibburn

Shibarium is close to achieving a new milestone

Meanwhile, the layer 2 blockchain solution, Shibarium is seen to be approaching a new milestone as its total transaction approaches 3,000,000 (3 million), according to data from Shibariumscan.

Per the data, the exact total number of transactions on the network is 2,910,761 (2,9 million). Also, the total number of wallet addresses on Shibarium stands at 1,246,670 (1.2 million) with 712, 492 total blocks mined.

However, the total daily transaction has significantly dropped from its last peak of 200.88k on September 13 to 42.83k at press time.

In the meantime, Shiba Inu’s marketing strategist, Lucie continues to encourage the public to migrate to Shibarium and actively use the network as a rise in Shibarium traffic will be good for SHIB burns.

She reiterated that a successful large amount of SHIB burns can only be done through transactions and not by tweets about burns. She concluded by saying for burns to be initiated, the community needs to actively use Shibarium.

Shiba Inu (SHIB) price today

Shiba Inu Burn Rate Rises as Community Burns Almost 75 Million SHIB Tokens

Shiba Inu Chart by Coinstats

According to live data from Coinstats, Shiba Inu is currently changing hands at $0.000007. This represents a 0.78% increase in the last 24 hours. What’s more, Shiba Inu has a 24-hour trading volume of $80,824,903 ($80.8 million). Finally, SHIB is ranked #17 on the global crypto market chart with a live market cap of $4,362,928,925 ($4.3 billion).

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