Shiba Inu Tokens Burned at a Rapid Rate
Over the past 24 hours, Shiba Inu (SHIB) has experienced a significant increase in the number of tokens being permanently removed from circulation. This surge in token burn comes after a relatively uneventful weekend in terms of trading volume and market activity.
Data from Shibburn, a portal that tracks tokenomics metrics for the Shiba Inu project, reveals that the burn rate has increased by 333.44% in the past day alone. Approximately 181,859,002 SHIB tokens have been burned, bringing the total tokens burnt from the initial supply to 410,658,785,948,791 SHIB.
The remaining circulating supply is 579,540,025,675,322 SHIB, with about 9,801,188,375,885 of these tokens currently being staked as xSHIB.
Shibarium Release and Its Impact
This surge in token burn follows the recent launch of the highly anticipated Shibarium release. Shibarium is a layer-two network that the entire Shiba Inu community has been eagerly awaiting.
Source: CryptoPotato