Shiba Inu Burn Rate Skyrockets By 161,540%, Here’s What Behind It

Shiba Inu (SHIB), a popular Ethereum-based meme coin has sent the cryptocurrency community and investors into a frenzy as its burn initiative continues to see notable token burns over the past month. 

Shiba Inu Performs Another 8 Billion SHIB Burn

Data from Shibburn has revealed an impressive rise in the Shiba Inu token burn rate. The platform shows that the burn rate has increased by a whopping 161,540% over the past 24 hours.

The rise in the cryptocurrency’s burn rate was due to the massive token burn that was carried out by the Shiba Inu team. The team made yet another significant burn, which saw over 8 billion SHIB tokens being destroyed. 

According to the platform tracker, the team burnt approximately 8,533,564,693 SHIB valued at $90,711. The data indicates that the team sent the 8.53 billion SHIB tokens to the dead wallet in a single transaction earlier today at precisely 00:30 UTC.

Meanwhile, the website showed that a total of 8,593,932,621 SHIB was burned over the past 24 hours. So far, the total amount of SHIB tokens burned is currently sitting at approximately 410.68 trillion since it was launched.

The recent burn is not the first time that the team has incinerated a huge amount of SHIB on Shibarium. This makes it the third time in this month alone that the team conducted a burn of this magnitude.

The project’s team member and marketing lead Lucie has also verified this in her most recent post on X (formerly Twitter). Lucie revealed the latest burn in her post while identifying it as the third time it has been done. 

On December 4, the Shiba Inu team sent a whopping 8.24 billion SHIB valued at over $75,000 to the dead wallet. Similar to this, on December 16, the team continued the Shibarium-powered fires by burning an additional 8.61 billion SHIB.

So far, the Shiba Inu team has managed to burn a staggering 25.38 billion SHIB on Shibarium. These massive burns demonstrate the team’s dedication to enhancing the Shiba Inu ecosystem.

Shibarium Transactions Sees Notable Rise

Another factor that might have contributed to the rise in SHIB burn is the increase in transactions on the Shibarium platform. The platform’s transaction volume has been steadily increasing over the past week.

Currently, the number of transactions on Shibarium has now surpassed the 160 million mark. Shibariumscan.io reveals that the total number of transactions is sitting at 161,047,931 at the time of writing.

Since the beginning of this month, Shibarium has seen a significant increase in daily transactions. The platform processes more than 5 million transactions daily on average as of December 1, with an average of 7.5 million on most days.

Shibarium’s gas costs have increased dramatically along with the spike in Shibarium’s transaction volume. This led to the team using a part of the fees to burn through enormous amounts of SHIB.

Featured image from iStock, chart by Tradingview.com