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Cryptocurrency News Articles
SHIB Burn Rate Surges 880% With 320 Million Tokens Burned
Oct 21, 2024 at 04:50 am
With 320 million SHIB tokens burned in the last seven days, the burn rate of the dog-themed cryptocurrency Shiba Inu (SHIB) increased by 880%
Shiba Inu's (SHIB) burn rate has surged by an impressive 880.1% in the past seven days, with a total of 320,186,507 SHIB tokens burned, according to data from Shibburn.
This marks a significant increase compared to the 1,290,359 SHIB burned in the past 24 hours, indicating a decrease in the daily burn rate of 84.68%.
When cryptocurrency tokens are burned, they are effectively removed from circulation by being transferred to a "dead wallet," a type of irretrievable storage location. This process aims to reduce the total supply of the tokens and drive up their scarcity.
Shiba Inu Community Endeavors for Long-Term Growth
The burning rate increase might be linked to the Shiba Inu community's ongoing efforts to decrease the token's availability and expand its utility in the long term.
However, it's worth noting that 320 million SHIB is a small portion of the total supply, and the token is still trading in the lower price range, with a 2.24% decrease in the past 24 hours, reaching $0.00001873 at the time of writing.
Shiba Inu experienced a price increase in the past week, reaching a high of $0.00001956 in yesterday's trading session.
Shibarium Transaction Volume Surges by 1,054%
Daily transactions on the Shibarium Layer 2 blockchain have surged by an impressive 1,054% in the past few days, indicating a massive increase in activity within the Shiba Inu ecosystem, according to U.Today.
With a total of 324,590 transactions in the past day, there was a huge surge in transactions as reported by Shibariumscan, a 1,054% increase from 28,110 the previous day.
Shibarium began to see a surprising surge in transactions on October 18th, following a month-to-date flatline of around 7,000 transactions.
Shibarium Burns Contribute to SHIB's Deflationary Nature
The increasing transaction volume on SHIB is promising for the project's future growth. Notably, the burning mechanism integrated with Shibarium reduces the total SHIB supply with each transaction, potentially leading to deflationary tokenomics as usage increases.
ShibTorch Empowers Community-Driven Burn Initiatives
Each Shibarium transaction fuels the burn project on ShibTorch, a community-driven burn portal for Shiba Inu that went live on the Shibarium Layer-2 network in August.
The base fees for layer 2 transactions are directed to a specific Shibarium burn contract, while validators on the network receive compensation in the form of priority fees.
As the BONE token, used for both ShibaSwap governance and the Shibarium gas fee, accumulates under the burn contract, anyone can initiate the burn process.
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