Shiba Inu Token Burn Rate Intensifies: Over 300 Million Tokens Burned in Just One Week

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Shiba Inu Token Burn Rate Intensifies: Over 300 Million Tokens Burned in Just One Week

Last updated on May 18th, 2024 at 12:00 pm

Shiba Inu Token Over 300 Million – The Shiba Inu community has demonstrated significant dedication to lowering the ecosystem’s total token supply. The Shiba Army uses an aggressive token-burning mechanism to try to decrease the quantity of SHIB in order to increase its value of SHIB.

Over the past 24 hours, the community has destroyed nearly 19 million SHIB coins. With this amount, the total number of SHIB tokens burned for the week now exceeds 305.77 million.

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Last week, Shiba Inu Weekly Burn Hit 305.77M

Shibburn estimates that 19,175,360 SHIB tokens entered the dead wallet in a 24-hour period. Four distinct transactions were used to carry out this burning operation.

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According to the Shibburn report, SHIB burning jumped by nearly 103% from the previous day, which only saw three different transactions totaling 9.40 million SHIB coins. Additionally, its community currently has a total of 305,775,533 SHIB coins burned over the course of the previous seven days through various transactions.

Shibburn.com, however, revealed a significant decrease in the SHIB burn rate last week. In contrast to the prior week, the burn rate decreased by 90.11%. Data from the previous weeks showed that fifty distinct transactions totaling approximately 1.91 billion SHIB coins were sent to the dead wallet.

According to the information, the largest SHIB burner during its most recent token-burning week was an anonymous wallet. About 15.57 million SHIB tokens were transferred from the wallet to the dead wallet.

Shiba Inu’s Evolution

Shiba Inu, the second-largest meme currency, has seen substantial industry evolution. Shiba Inu was acknowledged by blockchain security company Certik in its most recent Project Scoop publication.

Shiba Inu, according to the firm, has remarkably and progressively evolved from a meme coin to a strong decentralized ecosystem. Shiba Inu is one of the most secure cryptocurrency projects in the market, according to Certik, which awarded it a security grade of 94.30.

Shiba Inu is the most traded cryptocurrency asset on CoinSwitch, India’s leading cryptocurrency platform, in terms of trading performance. On CoinSwitch’s list of the top 5 most traded assets for the week, SHIB has taken the top spot.

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Additionally, Puppynet presently has roughly 14,061,648 wallets, and the Shiba Inu layer 2 solutions Shibarium is generating excitement in the industry as a result of the beta testing results.

It has also completed processing up to 524,919 blocks since its start. It is noteworthy that the average block duration stayed at 5 seconds. Additionally, the network has handled over 4.55 million transactions, averaging 68,782 per day.

SHIB is now down 1.49% over the last 24 hours, trading at $0.00001028, as of the time of writing. The 24-hour trading volume was $128.21 million, according to the data.

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