Shiba Inu Burn Rate Rebounds, Records a 43% Uptick in 24 Hours

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Shiba Inu Burn Rate Rebounds, Records a 43% Uptick in 24 Hours
  • Shiba Inu burn rate saw a significant increase in the past 24 hours after over 58 million tokens were sent for burning.
  • The current burn rate represents a 43% increase, following a slow start to the week.
  • Shiba Inu’s value has declined by 4% in the past week, and trade volumes have also plummeted.

Shiba burn Tracker Shibburn reported a significant increase in Shiba burn rate in the past 24 hours. The recent data shows an uptick in the burn rate which slipped at the start of the week.

Notably, 58,055,944 Shiba Inu tokens were sent for burning within that period, a 43.5% increase. The data further revealed that most of these tokens were sent from two major wallet addresses.

The Shiba Burn, which intensified lately, has significantly reduced the circulating supply of Shiba Inu. Once burnt, the tokens can’t be used or accessed again. So far, over 410.6 trillion SHIB tokens have been burnt.

Furthermore, the Shiba Inu team has mentioned the importance of the Burn, which they believe could drive the token’s value up. Shiba Inu, which is one of the leading meme coins, has reported many declines in its price since the start of the bear market.

Despite the recent efforts, the Shiba burns haven’t significantly affected the value of the token. Data from CoinMarketCap show that the token has added a 0.18% gain in the past 24 hours.

Weekly price chart show a 4% decline in SHIB’s value. Similarly, the token’s trade volume also recorded a 19% decline in the past day. Shiba Inu has an overall market cap of $4.29 Billion.

Meanwhile, Shiba Inu’s Layer-2 blockchain Shibarium has seen renewed engagement in recent times. After rollercoaster performances, the platform’s user counts and transaction volume have gone up significantly.

So far, the platform has 1.24 million addresses and completed over 2.317 million transactions. Furthermore, data from DeFiLama show that the TVL on Shibarium has seen a marginal increase and currently sits at $571k.