With 320 million SHIB tokens burned in the last seven days, the burn rate of the dog-themed cryptocurrency Shiba Inu (SHIB) has increased by 880%.
In the past seven days, 320,186,507 SHIB tokens have been burnt, an 880.1% increase in burn rate, according to Shibburn. In contrast, 1,290,359 SHIB were burned in the past 24 hours, indicating an 84.68% decrease in the daily burn rate.
https://x.com/shibburn/status/1847865375200788853
By shifting cryptocurrency tokens to a dead wallet, token burning lowers the total supply by permanently removing them from circulation.
The higher burn rate may indicate that the Shiba Inu community is still dedicated to the long-term objective of lowering the token’s supply and boosting its usefulness, even though 320 million SHIB is a very small portion of the enormous overall supply.
At the time of writing, Shiba Inu was down 2.24% over the previous day to $0.00001873, indicating profit-taking. After a week-long price increase, Shiba Inu hit a peak of $0.00001956 during yesterday’s trading session.
Shibarium transactions skyrocket 1,054%
With daily transactions on the Shibarium Layer 2 blockchain rising by 1,054% in recent days, the Shiba Inu ecosystem is experiencing a significant boom in activity.
Shibarium experienced a huge rise in transactions, hitting 324,590, up 1,054% over the previous day’s 28,110, according to Shibariumscan statistics. On October 18, Shibarium experienced a sharp increase in transactions after a month-long flatlining at about 7,000.
The increase in deal activity is encouraging for SHIB’s chances for long-term growth. Through the burning process linked to Shibarium, which lowers SHIB’s total supply with each transaction, increased usage can also support SHIB’s deflationary tokenomics.
In August, Shiba Inu’s community-driven burn portal, ShibTorch, became live on the Shibarium Layer-2 network. Each Shibarium transaction fuels the burn initiative.
Network validators get priority fees, but Layer 2 transaction base costs are locked into a specific Shibarium burn contract. Any user can step up and initiate the burn process as the Shibarium gas fee token and BONE, ShibaSwap’s governance token, accumulate under the burn contract.
