Shiba Inu has been incredibly active in terms of token burning, incinerating over 130 million tokens in a 24-hour period to raise its scarcity, as reported.
In Brief
The Shiba Inu coin is witnessing a considerable uptick in its burning rate, with more than 130 million SHIB tokens incinerated just within the last 24 hours.
The uptick in burning is remarkable, with a reported increase of 317%, pushing the coin's overall burn rate close to half a billion tokens over the past week.
Despite the heightened token incineration rate, Shiba Inu's market performance has remained relatively flat, reporting a modest 1.14% gain over the week but a drop of 9.78% over the last month.
The popular memecoin Shiba Inu surged In just the past 24 hours, over 130 million tokens have been burned.
According to the latest statistics from Shibburn, the burning rate has surged by 317% in the last day, with a total of 130,529,064 SHIB tokens sent to a wallet that can't be accessed. This increase follows a consistent trend, bringing the total burn rate for the past week close to 500 million tokens.
Shiba Inu implements a strategic token burn initiative that progressively removes tokens from circulation, effectively decreasing its supply. With an astounding total supply of 999,992,188,828,143 tokens, data indicates that over 41% have already been eliminated.
While the recent 317% boost in the burning rate is impressive, it still falls short of the record-breaking 821% spike observed on September 6, when wallet 0x4be2b2c4 burned 71 million SHIB tokens out of a total of 79 million.
Even with the accelerated token burning, Shiba Inu’s price movement has been quite modest, showing a 1.14% increase over the week alongside a decline of 9.78% over the previous month.
Shibarium Hits New Heights with 3 Million Transactions
Layer-2 blockchain Shibarium The decentralized network is gaining attention for its impressive milestones. surge in block production.
Recent data from the Shibariumscan explorer indicates that since the beginning of September, the network has successfully created over 728,000 blocks—almost double the 500,000 block count recorded at the start of the month. Remarkably, each block is produced in just five seconds on the Shibarium network.
With the total number of transactions on Shibarium now reaching 2,953,493, the platform is demonstrating its increasing popularity. Although there has been a slight decline in daily transactions since peaking at 200,880 on September 13, the growth of Shibarium remains evident.
Read more:
- Shibarium is making headlines with its impressive growth, now boasting 65,000 wallets and 350,000 transactions.
- What you need to know about the Shiba Inu coin: its purpose, ecosystem, and SHIB cryptocurrency's history (2023).
- Shiba Inu has launched ‘SHIB: the Metaverse’ initiative.
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