Shiba Inu Burn Rate Skyrockets by 8,000%

May 23, 2023

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Shiba Inu’s token-burning mechanism has seen a significant uptick after a few days of stagnation. The Shiba Inu community reportedly destroyed 50.18 million SHIB tokens in a span of 24 hours, indicating a surge in the SHIB burn rate of 8,627% compared to the previous day. The burning process was completed through two transfers, burning 39,511,911 and 10,676,779 SHIB tokens respectively.

Unprecedented Token Burn

Shiba Inu (SHIB), a distinct player in the cryptocurrency landscape, has recently grabbed attention with its record-breaking token . In a remarkable demonstration of community-driven action, the Shiba Inu enthusiasts collectively eradicated an astounding 50.18 million SHIB tokens in a 24-hour period. This notable activity signifies an 8,627% increase from the previous day, reflecting a strategically orchestrated move to reduce the total circulating supply of SHIB tokens.

Significant Weekly Burn Rate Increase

Over the last week, the burning process has continued with unwavering determination. An additional 3.09 billion SHIB tokens were exiled to the ‘dead wallet’, a digital graveyard for tokens removed from circulation. This translates to a significant week-on-week burn rate surge of 666%, a figure that underscores the relentless efforts of the Shiba Inu community.

To date, the community has permanently purged an eye-watering total of 410,642,087,431,967 SHIB tokens, leaving a circulating supply of approximately 574,308,140,003,340 SHIB coins. This strategy is akin to removing a substantial amount of money from an economy, with the potential to enhance the value of the remaining currency.

HOURLY SHIB UPDATE Price: $0.00000861 (1hr 0.08% ▲ | 24hr -1.41% ▼ )
Market Cap: $5,070,671,510 (-1.45% ▼)
Total Supply: 589,357,912,568,032

TOKENS BURNT
Past 24Hrs: 50,188,691 (8627.82% ▲)
Past 7 Days: 3,093,934,362 (-36.07% ▼)

— Shibburn (@shibburn)

The Crucial Role of Shibarium

Central to the burning process is Shibarium, Shiba Inu’s Layer 2 solution network. Shibarium’s role in the SHIB burning mechanism is both significant and intriguing. Transaction fees on this network are paid in BONE, another token within the Shiba Inu ecosystem. While 30% of these fees are set aside for network maintenance, a whopping 70% is burned. This process systematically reduces the number of tokens in circulation, further stoking the SHIB burn rate.

Impact on Market Dynamics

Parallel to the burning process, SHIB’s market value has experienced a positive shift. The token is currently trading at $0.00000890, marking an increase of 1.46% over the past 24 hours. This has spurred large-scale investors, known as ‘SHIB whales’, into action, leading to significant accumulation and offloading of SHIB tokens. These activities have introduced fascinating shifts in market dynamics, contributing to a delicate balance between supply and demand.

In conclusion, the escalating burn rate of Shiba Inu provides a compelling glimpse into how a vibrant and dedicated community can influence the trajectory of their favored cryptocurrency. As the SHIB Army continues to burn tokens, we can expect to see intriguing shifts in supply and demand dynamics, which could potentially shape SHIB’s future market value.

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