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Shiba Inus SHIB/USD token burn rate has catapulted by 5,000% in the last 24 hours, leading to the destruction of approximately 2.7 million SHIB tokens, data from Shibburn shows.
What Happened: The act of burning involves sending the tokens to a wallet address that is not retrievable, effectively removing them from circulation in hopes of increasing scarcity.
Despite the increase in burn rate, the Dogecoin DOGE/USD killer has experienced a slight downturn in the market, with its value dipping by 2%.
Contributing to the positive outlook for Shiba Inu is the ongoing progress of Shibarium, the coins layer-2 blockchain solution meant to enhance network capacity and reduce transaction costs. Since its launch in August, Shibarium's total number of transactions cleared the 4 million mark.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Additionally, the network boasts nearly 1.8 million blocks mined and over 1.2 million individual wallet addresses, reflecting a steady increase in daily transactional activity, now standing at 16.09K daily transactions.
Earlier in the week, a record-breaking 47,872% increase was observed, with over 28 million SHIB tokens incinerated.
While Shiba Inu is notorious for its massive supply ceilingcapped just shy of 1 quadrillion tokensmore than 40% of these have been permanently taken out of circulation through strategic burns.
Price Action: At the time of writing, SHIB was trading at $0.0000082, down 1.58% in the last 24 hours according to Benzinga Pro.
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