On Saturday, the second-largest meme-based cryptocurrency shiba inu has seen a lot of tokens burned during the last 24 hours. According to statistics, the network’s burn rate has increased by 26,592% as 1.4 billion SHIB has been destroyed.
Shiba Inu Burn Rate Increases Significantly
On February 22, a member of Team SHIB named “Archangel” revealed that the project would have a decentralized exchange (dex) called Shibaswap 2.0 with a burning portal. The portal is intended to help bolster a deflationary supply and in mid-March, members of the SHIB team spear a project defense team called Defense Breed.
The Defense Breed aims to enhance SHIB’s “communication and transparency” and “protect the ecosystem from any malicious projects or persons from trying to take advantage of the community.” Now the shiba inu (SHIB) supply is burning tokens at an extremely fast rate, much faster than the likes of Ethereum’s burn rate.
Statistics of shibburn.com show that 1.4 billion SHIBs were burned in the past day at a rate of 26,592%. On March 14, the SHIB burn rate was 6,700%, or 745 million SHIBs destroyed in one day. For comparison, the Ethereum blockchain destroyed 4,098 ethers in the last 24 hours. Ethereum’s 24-hour burn value is far more valuable at $13.2 million burned in the last day. The 1.4 billion tokens burned by SHIB, on the other hand, are only worth $34,554.
Shiba Inu Team Member Says ‘Burning SHIB Is a Core Aspect of Our Ecosystem’
During the last five hours, three addresses alone burned 59,998,118 SHIB or $1,448 worth using today’s SHIB exchange rate. SHIB has not had the best week as the meme-token has lost 7.6% during the last seven days. Year-to-date, however, SHIB has gained a whopping 39,795% against the U.S. dollar.
SHIB is the second largest meme-based asset by market capitalization, as it ranks below dogecoin (DOGE). While DOGE has a market cap of $19.1 billion, SHIB’s market valuation is around $13.2 billion, ranked number 15 among 13,617 cryptocurrency market caps.
According to SHIB’s project leaders, the Defense Breed will be in charge of screening partners, collaborations, and incoming projects. In the blog post concerning the Defense Breed, a SHIB team member dubbed “Trophias” explained the importance of the SHIB burn portal. “Burning SHIB is a core aspect of our ecosystem and we are always exploring new options to burn SHIB via utility,” Trophias said at the time.
