The Surge in Shiba Inu Burn Rate
The burn rate of Shiba Inu (SHIB) has skyrocketed by 4,144% in the past week, as the memecoin maintains its position above the crucial $0.00001 mark. The surge in burn rate was driven by a massive burn transaction conducted by the Shibarium development team, involving billions of SHIB tokens.
Shibarium’s Native Burn
Shibarium, the layer-2 protocol of the Shiba Inu ecosystem, executed its second native burn on December 16, resulting in the incineration of billions of SHIB tokens. The burn transaction, worth $88,650 and consisting of 8.6 billion SHIB, caused the burn rate to surge by 4,144% over the past week.
Recorded Token Incineration
Data confirms that a total of 8.35 billion SHIB tokens have been burned in the past seven days. This recent burn follows another significant burn of 8.24 billion SHIB on December 5. These burns were made possible due to increased transaction count on Shibarium and its allocation of gas fees to support the burn campaign.
Shiba Inu’s Market Performance
Despite experiencing some retracement, Shiba Inu has managed to retain support above $0.00001. Currently trading at $0.00001025 with a slight 0.10% increase in the last 24 hours, SHIB reached a nine-month high of $0.00001195 on December 17.
Hot Take: Shiba Inu’s Burn Rate Surges Amidst Market Support
The burn rate surge for Shiba Inu demonstrates the strong commitment of the Shibarium development team and the community towards reducing the token’s supply. With Shiba Inu holding above the $0.00001 support level, it indicates that the memecoin has gained favorable market conditions. As SHIB continues to rally and retain its support, investors and enthusiasts closely monitor its performance in anticipation of potential future gains.
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