Shiba Inu Token Burns Continue to Gain Momentum
The Shiba Inu (SHIB) coin, known for its meme status and being based on the Ethereum blockchain, has caused excitement among the cryptocurrency community and investors due to its ongoing token burn initiative. Recent data from Shibburn has shown a significant increase in the burn rate of SHIB tokens, with a staggering rise of 161,540% over the past 24 hours.
Another Major Token Burn
The rise in burn rate can be attributed to a substantial token burn carried out by the Shiba Inu team. In their latest burn, over 8 billion SHIB tokens were destroyed. The team sent approximately 8,533,564,693 SHIB tokens, valued at $90,711, to a dead wallet in a single transaction.
Since its launch, a total of around 410.68 trillion SHIB tokens have been burned. This recent burn marks the third time this month that such a significant burn has taken place on the Shibarium platform.
Demonstrating Commitment to the Shiba Inu Ecosystem
The Shiba Inu team’s dedication to enhancing the Shiba Inu ecosystem is evident through these massive burns. Marketing lead Lucie confirmed this latest burn in her recent post on X (formerly Twitter), highlighting it as the third occurrence of its kind.
Past burns include one on December 4 where 8.24 billion SHIB tokens worth over $75,000 were sent to the dead wallet. Another burn took place on December 16, with an additional 8.61 billion SHIB tokens being burned.
Increase in Shibarium Transactions
The rise in SHIB token burns may also be attributed to the increase in transactions on the Shibarium platform. Over the past week, the platform has seen a steady increase in transaction volume.
Currently, Shibarium has surpassed 160 million transactions, with a total of 161,047,931 transactions recorded at the time of writing. Daily transactions on Shibarium have been averaging over 5 million since December 1, with most days seeing an average of 7.5 million transactions.
The spike in transaction volume has led to a rise in gas costs on Shibarium. As a result, a portion of the fees has been used to burn large amounts of SHIB tokens.
Hot Take: Shiba Inu Burns Continue to Drive Interest and Activity
The ongoing burn initiative by the Shiba Inu team has sparked significant interest and activity within the cryptocurrency community. With notable token burns and an increase in transactions on the Shibarium platform, Shiba Inu continues to make waves in the crypto space. These burns demonstrate the team’s commitment to building and enhancing the Shiba Inu ecosystem. As investors eagerly watch for further developments, the future of SHIB remains uncertain but full of potential.
By
By
By
By
