Shiba Inu Burn Rate Surges over 300%, What Does This Mean?

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Shiba Inu Burn Rate Surges over 300%, What Does This Mean?

Trending cryptocurrency, Shiba Inu is starting off the new week on a positive note as the burn rate surges over 300% according to new data. The SHIB community continues to destroy massive amounts of the memecoin in an attempt to reduce its circulating supply.

According to recent data from Shibburn – a dedicated burn project, Shiba Inu’s burn rate is up by exactly 333.44% today, with 181,859,002 (181.8 million) SHIB removed from circulation over the last 24 hours.

The aforementioned number of burns were carried out across 16 transactions. The most notable transactions destroyed 15,412,592, 68,999,999, 19,137,508, 12,070,408, and  41,082,889 in the last day.

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Shiba Inu Burn Rate Surges over 300%, What Does This Mean?

Source: Shibburn

The rise in Shiba Inu’s burn rate signifies a growing confidence in the project. In addition, it underscores the SHIB community effort to drastically reduce the amount of tokens in supply. Consequently, the price of Shiba Inu is potentially expected to be positively impacted.

The SHIB burn rate also shows that the SHIB is being actively used for the rapidly expanding number of transactions or utilities that are emerging inside the Shiba Inu ecosystem. As intended, when there is active usage, the tokens are cast into the fire, releasing a portion of the burning fees.

The daily increase in transactions on the Shibarium layer 2 blockchain solution can also be attributed as the reason for the surge in the burn rate. Since its relaunch, the network has been experiencing impressive growth.

According to data from Shibariumscan, the total number of wallet addresses on the network now stands at 1,125,603. Additionally, Shibarium now has over 1.9 million total transactions with an average block time of 5 seconds.

As Shiba Inu’s price continues to struggle, these positive outcomes relating to the project might just be a major catalyst towards the expected growth in value.

Shiba Inu (SHIB) price today

Shiba Inu Burn Rate Surges over 300%, What Does This Mean?

Source: Coinstats

According to live data from Coinstats, Shiba Inu is currently trading at $0.0000072. This represents a 2.69% reduction in the last 24 hours. What’s more, a total of 410 trillion SHIB tokens have been burned, reducing its circulating supply to 579 trillion. Ultimately, Shiba Inu is ranked #16 on the global crypto market chart with a live market cap of $4B and a 24-hour trading volume of $95 million.

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.