Several billion Shiba Inu burnt, pushing burn rate to staggering high, showing how healthy it is
Burn rate, one of Shiba Inu primary performance indicators, has had a positive spike recently. Shibburn data shows that the burn rate of the meme coin has increased by 26,446.84%, the most it has increased this week and a sign that SHIB ecosystem is experiencing a significant volume of transactions.
Shiba Inu (SHIB) Burn Rate up 26,000%, Price Revival Resumes
SHIB has changed from being a meme coin with high totals and circulating supplies to a deflationary token in which a portion of the asset is burned during system transactions. With the anticipation of the Shibarium Layer 2 protocol’s beta debut, the Shiba Inu community has seen a lot of positive fundamentals reported over the previous week.
Source: Shibburn.com
Shiba Inu has been trading lower for most of the past week; today, it has dropped to $0.00001095 and has lost 8.44% of its value since the beginning of the week. The token’s price has, however, experienced a modest turnaround due to the network’s rising transaction rates.
Initially intended as a joke, SHIB has evolved into one of the most significant protocols advancing the reach of the current burgeoning Web 3.0 environment. Many developers have expressed their support for the Shibarium protocol. The purchase of the meme token has increased significantly as expectation has grown.
With the beta launch of Shibarium, users can see for themselves how flexible SHIB is and how other uses for the tokens exist inside the ecosystem.
SHIB/USD 4-hour chart | Source: TradingView
The token increased by 2.31% during the last 24 hours as of writing. The burn rate is a measure that buyers can rely on to feel more confident about buying the token, even if it has not been demonstrated to impact SHIB’s price rise directly.
Burn rate jumps by nearly 30,000%
Shiba Inu’s 24-hour burn rate has increased dramatically to approximately 28,000% following the most recent hourly update on Twitter. Since yesterday morning, 2,057,811,344 SHIB have been consumed in total. Also, within the last seven days, 2,186,841,623 meme tokens from this network have been removed from circulation.
This far exceeds all of the recent fires this year. The introduction of the Shibarium Layer 2 blockchain this week is most likely the cause of the increased token burn activity. Shibburn noticed many transactions transporting tens of millions of SHIB to unusable wallets within the previous five hours. Even with the imminent bullish event of the Shibarium release, the price performance of SHIB is still subpar.
Read more:
- Shiba Inu Faces Big Challenge As Hundreds Of Billions Of Tokens Flow Into Market
- Shiba Inu To Release Beta Version Of Shibarium Layer 2 Solution