SHIB Experiences Up to 107% Increase in Burn Rates

The Shiba Inu token (SHIB) and its Layer-2 blockchain, Shibarium, are making waves in the crypto ecosystem. In the past hours, SHIB has experienced a remarkable 107.49% Burn Rate, currently measuring a 67.74% Burn Rate over the last 24 hours, according to data provided by the Shibburn wallet tracker. This marks significant burn activity for this popular meme cryptocurrency, which currently ranks second in terms of market capitalization.

In just one day, the SHIB community managed to burn a total of 39,273,371 SHIB tokens, representing a significant increase in the burn rate. Just a few days ago, around 20,000,000 SHIB had been sent to inactive wallets, resulting in a burn rate of –80%. It’s worth noting that, despite this increase in the burn rate, no particularly large burn transactions were recorded during that period, with the two largest burns not exceeding 7,000,000 SHIB.

Furthermore, it’s revealed that in the month of September, the SHIB community managed to burn an astonishing total of 2,323,834,085 SHIB tokens in 426 transactions, all directed towards unspendable wallets, according to a recent tweet by Shibburn.

??? 2,323,834,085 $SHIB tokens have been burned in the month of September with 426 transactions. #Shib pic.twitter.com/ywWejDn3jy

— Shibburn (@shibburn) October 1, 2023

In another realm, Shibarium, the Layer-2 blockchain developed by the SHIB team, continues to impress by reaching significant milestones. According to data from Shibariumscan, over 3,308,000 transactions have been conducted on the Shibarium network. Additionally, the platform boasts 1,252,121 connected wallets and is rapidly approaching the one-million mark with 961,673 blocks created to date.

Scalable solutions in Shiba Inu

These achievements underscore the growing utility and adoption of Shibarium, positioning it as a scalable solution with lower transaction fees compared to the Ethereum network. The cryptocurrency community is closely watching this growth as Shibarium aims to meet the increasing demands of the Shiba Inu ecosystem.

The current market data for SHIB highlights its resilience amidst these dynamic developments. With a price of $0.00000723, experiencing only a slight decrease of –0.38%, and a market capitalization of $4,254,500,375, showing a mild dip of –0.15%, along with a 24-hour trading volume of $95,475,081 as per data provided by CoinMarketCap.

The SHIB token remains a focal point in the cryptocurrency landscape. As the burning of tokens continues and its ecosystem expands through Shibarium, the future holds promise for the Shiba Inu community and its investors.