Shiba Inu Burn Rate Surges With Over 8 Billion SHIB Burned, Here’s The Trigger

Name	Symbol	Market	Market Cap ($)	Algorithm
SHIBA INU	SHIBUSD	Crypto	10,017,774,846	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

SHIBA INU

SHIBUSD

Crypto

10,017,774,846

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00	0.00%	0.000017	0.000017	0.000017

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00

0.00%

0.000017

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.000017	0.000017	0.000017	0.000017	0.00000662 - 0.000048

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.000017

0.00000662 - 0.000048

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	13:06:43	111,087.00	0.000017	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

13:06:43

111,087.00

0.000017

USD

Price x Volume	Volume	Base Symbol	Related Pairs
5,259,120.18	121,849,221,668.53	SHIB	SHIBEUR	SHIBGBP	SHIBBTC

Price x Volume

Volume

Base Symbol

Related Pairs

5,259,120.18

121,849,221,668.53

Shiba Inu Burn Rate Surges With Over 8 Billion SHIB Burned, Here’s The Trigger

05/12/2023 2:00pm

NEWSBTC

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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