Shiba Inu (SHIB) Burn Rate Spike 116% as Community Destroys Almost 90 Million Tokens

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Shiba Inu (SHIB) Burn Rate Spike 116% as Community Destroys Almost 90 Million Tokens

Last updated on May 18th, 2024 at 11:53 am

The Shiba Inu community has continued to destroy large amounts of SHIB tokens, consequently raising its burn rate over the last 24 hours. In an attempt to reduce the number of SHIB tokens in circulation, the dedicated Shiba Inu investors have succeeded in sending almost 90 million tokens to burn wallets.

According to Shibburn – a dedicated Shiba Inu burn tracker website, exactly 86,120,259 (86 million) SHIB tokens have been removed from circulation in the last 24 hours. As a result, its burn rate has increased by 116% at press time.

The number of burned SHIB tokens today signifies a major increase from Wednesday, October 18 which only saw less than 40 million tokens destroyed even though its burn rate rose as high as 208% during the time.

Shiba Inu (SHIB) Burn Rate Spike 116% as Community Destroys Almost 90 Million Tokens

Source: Shibburn

Per Shibburn data, the aforementioned number of burned tokens was carried out over 15 separate transactions. The most significant transactions destroyed 29,883,366, 14,916,908, 14,875,007, and 20,000,000 SHIB tokens. The first two were completed approximately 10 hours ago, and the other two were carried out about 16 and 17 hours ago respectively.

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The dedication and engagement of the Shiba Inu community to the burn project underscores its commitment to increasing the value of SHIB by utilizing its deflationary protocol. At press time, the total number of burnt SHIB tokens is 410.6 trillion, leaving 579 trillion in circulation.

Shibarium attains new feat

Meanwhile, Shibarium – a Shiba Inu layer 2 blockchain solution, has reached a new milestone in its total number of transactions. Since the relaunch of the network, it has gradually grown in popularity and adoption.

Data from Shibariumscan – a Shibarium explorer website, show that the total number of transactions on the network has crossed 3.5 million. Furthermore, the total number of wallet addresses on Shibarium stands at 1,254,815 (1.2 million).

Regardless of this achievement, the number of daily transactions on the network has dropped to 9.76k (9,760) which is a significant reduction compared to the 33,000 daily transactions reached on October 16.

Shibariumscan data

Source: Shibariumscan

With the growing success of Shibarium comes the wider adoption of SHIB. Earlier this week, it was reported that Shiba Inu among other cryptocurrencies has been accepted as a payment method across AMC movie theatres for ticket purchases to see the new “Eras Tour” – a Taylor Swift musical movie.

Shiba Inu (SHIB) price today

In the meantime, the price of Shiba Inu has experienced a significant drop below the $0.000007 level. According to live data from Coinstats, the price of Shiba Inu (SHIB) today is $0.0000067. This represents a 2.21% drop in the last 24 hours.

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Over the last day, Shiba Inu has a trading volume of $89,030,726 ($89 million) with a live market cap of $3,960,763,873 ($3.9 billion). Ultimately, Shiba Inu is regarded as the second most popular memecoin in the market after Dogecoin, maintaining the #19 position on the global crypto market chart.

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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.