Shiba Inu Burn Rate Surges With Over 8 Billion SHIB Burned, Here’s The Trigger
December 05 2023 - 9:00AM
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The Shiba Inu community burn initiative may have just set a new
record with the number of tokens burned in the last 24
hours. The community will undoubtedly be brimming with
optimism as to the promising future of the meme coin and its
ecosystem. Over 8 Billion Shiba Inu Burned In The Last 24
Hours According to data from the burn tracking website Shibburn,
over 8 billion Shiba Inu tokens have been burned in the last 24
hours. As a result of this record, the burn rate jumped by
7424294.41%. Interestingly, one transaction accounted for the bulk
of the tokens burned, with 8,241,856,589 SHIB transferred to a dead
wallet. Source: Shibburn This development continues a recent trend
that has SHIB’s burn rate continuing to spike. Sometime last week,
the token’s burn rate rose by 499,416% in a single day, with over
264.2 million SHIB tokens burned. This came after 2.7 million SHIB
tokens had just been burned the previous day. Related
Reading: Bitcoin Cycle Analysis And Macro Factors Reveal When Price
Will Reach $125,000 Meanwhile, the single transaction that led to
8.2 billion SHIB tokens being burned was due to the spike in
network activity on Shibarium. Shiba Inu’s developer, Kaal Dhairya,
noted in an X post that the layer-2 network experienced a
continuous rise in gas fees, which led to exponential growth in the
burn rate. Shibarium’s Role In SHIB’s Burn Rate Shibarium’s
significant role in the Shiba Inu burn rate has become evident.
Notably, the Shibarium allocates a portion (70%) of the network’s
base fees for SHIB burns. The spike in SHIB’s burn rate is expected
to be on the rise even as Shibarium continues to enjoy greater
adoption. Shiba Inu’s Marketing Lead, Lucie, had once urged the
community to use Shibarium so that more SHIB could be burned.
SHIB community members seem to be now heeding her advice as the
number of transactions on the network has skyrocketed recently. The
layer-2 network is reported to have witnessed a transaction count
spike of more than 47,000% in less than a week. In that period,
Shibarium has surpassed the milestones of 5 million, 10 million,
and 20 million in rapid succession. Related Reading: Crypto Analyst
Predicts Bitcoin 400% Surge To $200,000, Here’s When Shibarium
doesn’t seem to be slowing down anytime soon, as the total
transaction count currently stands at over 35 million at the time
of writing. The SHIB community will be hoping that this run
continues as it is undoubtedly bullish for the meme coin’s
price. In an update posted on the Shib Blog, the correlation
between Shibaroum’s transaction volume, gas fees, and Shiba Inu
burns was resounded. The author noted that the burn rate would
continue to grow exponentially as Shibarium experiences an increase
in the number of transactions and a significant increase in gas
fees. SHIB price shows high level of volatility | Source:
SHIBUSD on Tradingview.com Featured image from Coinstats, chart
from Tradingview.com
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