Shiba Inu Burn Rate Surge Almost 500% Amid Crypto Market Downturn

The Shiba Inu community has resumed the week with a significant amount of burn as its rate surged by almost 500% according to recent data. Despite the market downtrend, the member remains resilient in their quest to reduce the number of tokens in circulation. The drastic reduction of SHIB circulating supply can potentially impact the price of the coin, lifting it to impressive heights by creating scarcity.

Millions of SHIB sent to burn Wallets

In a significant turn of events, the Shiba Inu community has destroyed a substantial amount of SHIB tokens over the last 24 hours. According to data from Shibburn, a dedicated Shiba Inu burn tracker, about 19,345,086 (19.3 million) SHIB tokens have been removed from circulation. As a result, the burn rate has surged by a massive 489.87% per the aforementioned tracker.

The number of SHIBs was destroyed across ten transactions. Some notable transactions include one carrying over 9 million SHIB tokens from a wallet labeled “0x8a40” to a burn address. Another wallet “0xb233” destroyed 6.6 million tokens approximately 22 hours ago.

In hindsight, the Shiba Inu community has comfortably burned 774 million SHIB tokens in the last seven days with an average burn rate of 200% increase. The consistency and major increase in the burn rate have raised speculations across the community over the short and long-term effects on the value of the memecoin.

A total of 410.72 trillion SHIB have been burned from the original supply since Shiba Inu’s launch, demonstrating the community’s continued dedication to limiting token circulation. As a result, SHIB now has a circulating supply of 582 trillion tokens.

Meanwhile, Shiba Inu layer 2 blockchain solution Shibarium, has skyrocketed in daily transactions reaching 958.4k according to Shibariumscan, a dedicated Shibarium transaction tracker. According to the data, more than 4.2 million blocks have been mined with total transactions now above 416 million. Additionally, the number of wallets connected to the network has surged to 1.7 million.

The growth signifies investors’ confidence in the Shiba Inu ecosystem and room for growth and adoption in the future. Shiba Inu’s future looks bright, providing investors and enthusiasts with an engaging story in an unpredictable market, since both burn rates and Shibarium transactions are increasing.

According to CoinMarketCap data, SHIB is currently changing hands at $0.00002175 representing a 7.45% increase in the last 24 hours. Additionally, its trading volume has dropped by a significant 21.4% to $870.7 million with a live market cap of $12.7 billion.