The Surge in Shiba Inu Burn Rate Continues
The Shiba Inu burn rate has been on the rise, with over 8 billion tokens burned in a 24-hour period. This trend has continued, and the burn figures are still increasing daily.
What Drives the Burn?
There has been a steady increase in the number of SHIB tokens being burned recently. After a dip in the burn rate, the community is back at it again, and on Thursday, over 10 million tokens were burned in 24 hours.
A Significant Increase
The 10.34 million SHIB burned in the last 24 hours represents an 803.4% increase compared to the previous day. However, most of the burns came from a single wallet address that sent over 10.2 million SHIB to the burn address.
Weekly Burn Figures
This recent spike in burn rate has contributed to a total of 8.497 billion tokens burned on a weekly basis, marking a significant increase from the previous week’s figures.
The Role of Shibarium
The increased usage of Shibarium, the Shiba Inu layer 2 blockchain, has also played a part in the rising burn rate. As more fees are collected on the network due to increased usage, more SHIB tokens are burned.
Potential for Continued Rise
If daily transactions on Shibarium continue to surpass 7 million, the burn rate could continue to increase as more fees are burned with increased usage of the L2 network.
Hot Take: The Burning Trend Continues
The Shiba Inu community’s enthusiasm for burning tokens shows no signs of slowing down. With the burn rate surging and significant increases in the number of tokens being burned, it’s clear that this trend is here to stay. The role of Shibarium, as a key driver of the burn rate, cannot be underestimated. As more fees are collected on the network due to increased usage, the amount of SHIB tokens burned continues to rise. If this momentum persists, we can expect the burn rate to keep climbing and further shaping the Shiba Inu community.
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