Shiba Inu, the meme cryptocurrency, has experienced a significant increase in its burn rate after a slower start to the week. This surge in burn rate indicates that investors are once again becoming active and contributing to the reduction of supply, which could potentially lead to a rise in the price of Shiba Inu.
On September 21st, Shiba Inu witnessed an impressive 6277% jump in its burn rate within a span of 24 hours, making it one of the best weeks for the cryptocurrency in terms of burn rate. According to Shibburn, a Shiba Inu burn tracking website, over 194 million tokens were burned during this one-day period through multiple transactions. One particular transaction stood out, as it carried over 137 million tokens to the burn addresses. With more contributions from the community, the total tokens burned in the last 24 hours is approaching 200 million. Additionally, the burn rate has also increased by 31.62% in the past week, with over 653 million tokens burned overall. Currently, there are 410,659,642,147,703 SHIB tokens sitting in the burn address.
This surge in the burn rate of Shiba Inu can be partly attributed to the growing interest in Shibarium, the Ethereum Layer 2 blockchain. Launched less than a month ago, Shibarium has already achieved significant milestones, such as surpassing 3 million total transactions on the network and crossing 1.25 million wallet addresses. The blockchain has seen daily transactions surpassing 42,000, and gas fees remain low at 1.55 Gwei. Moreover, there has been an increase in the number of verified contracts on the network, indicating a rise in developers choosing to build on Shibarium. Shiba Inu’s lead marketer, Lucie, has also encouraged investors to use decentralized exchanges (DEXes) on the network instead of centralized exchanges, as it would help accelerate the SHIB burn rate.
Image: https://weeklyfinancenews.online/wp-content/uploads/2023/09/fin2-e1691665053219-14.jpg
Comments are closed.