Shiba Inu Token Burn Rate Soars by Over 800%
In the midst of the current market rally, Shiba Inu (SHIB), an Ethereum-based meme coin also known as the “Dogecoin Killer,” has experienced a significant increase in its token burn rate within the last 24 hours.
Impressive Surge in Burn Rate
The burn rate of Shiba Inu tokens has skyrocketed by more than 800% in the past day. Data from Shibburn shows that approximately 10,370,764 SHIB tokens have been burnt, representing an increase of about 805.83%.
This surge in burn rate can be attributed to a substantial transaction that resulted in the burning of over 10 million SHIB tokens. The address 0xa9d1e08c7793af6…7fb81d3e43 sent a total of 10,240,655 tokens to the SHIB burn wallet.
Record-Breaking Burn Rate
Recently, Shiba Inu has been witnessing remarkable surges in its burn rate. On Monday, the project experienced a staggering increase of 7,686,774%, resulting in the destruction of around 8.35 billion SHIB tokens. This marks the highest burn rate ever recorded for the project.
An analysis of the burn tracker data reveals that over 90% of the burnt tokens came from the wallet address “0xc7d0455,” which was later identified as “Shiba-swap.eth” or “Shiba Inu: Deployer 2” address.
Factors Contributing to Increased Burn Rate
Several factors may have contributed to the recent spikes in SHIB’s burn rate. One possible factor is the significant increase in activity on the Shibarium network. As the network’s transaction volume rises, more tokens are burned.
Currently, the network records a daily transaction volume of 7.51 million and has surpassed 50 million total transactions.
New Burning Techniques for Shibarium
Shiba Inu recently introduced new burning techniques for Shibarium to enhance the value of SHIB tokens. The team described this mechanism as transformative and crucial for the network’s economic model.
The burning process will consist of two phases: the Manual phase and the Automated Transition phase. Initially, the official deployer wallet will oversee the token burn manually. However, in January 2024, an automated system will take over.
Total Tokens Burned and in Circulation
Out of the initial supply of SHIB tokens, more than 410.67 trillion have been burned so far. The burn tracker estimates that there are currently 580.72 trillion SHIB tokens in circulation.
Hot Take: Shiba Inu’s Burn Rate Surges, Attracting Attention
The burn rate of Shiba Inu (SHIB) has experienced a tremendous increase, capturing the interest of cryptocurrency investors and the community. This surge can be attributed to a significant transaction resulting in the burning of over 10 million SHIB tokens. Additionally, recent spikes in burn rate can be linked to increased activity on the Shibarium network. Shiba Inu has implemented new burning techniques for Shibarium to enhance token value, with a manual phase currently in place before transitioning to an automated system. With over 410.67 trillion tokens burned and 580.72 trillion in circulation, Shiba Inu continues to make waves in the crypto market.
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