Shiba Inu Burn Rate Surges With Over 8 Billion SHIB Burned, Here’s The Trigger

Scott Matherson

1 year ago

3 mins read

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The Shiba Inu community burn initiative may have just set a new record with the number of tokens burned in the last 24 hours. The community will undoubtedly be brimming with optimism as to the promising future of the meme coin and its ecosystem.

Over 8 Billion Shiba Inu Burned In The Last 24 Hours

According to data from the burn tracking website Shibburn, over 8 billion Shiba Inu tokens have been burned in the last 24 hours. As a result of this record, the burn rate jumped by 7424294.41%. Interestingly, one transaction accounted for the bulk of the tokens burned, with 8,241,856,589 SHIB transferred to a dead wallet.

Source: Shibburn

This development continues a recent trend that has SHIB’s burn rate continuing to spike. Sometime last week, the token’s burn rate rose by 499,416% in a single day, with over 264.2 million SHIB tokens burned. This came after 2.7 million SHIB tokens had just been burned the previous day.

Meanwhile, the single transaction that led to 8.2 billion SHIB tokens being burned was due to the spike in network activity on Shibarium. Shiba Inu’s developer, Kaal Dhairya, noted in an X post that the layer-2 network experienced a continuous rise in gas fees, which led to exponential growth in the burn rate.

Shibarium’s Role In SHIB’s Burn Rate

Shibarium’s significant role in the Shiba Inu burn rate has become evident. Notably, the Shibarium allocates a portion (70%) of the network’s base fees for SHIB burns. The spike in SHIB’s burn rate is expected to be on the rise even as Shibarium continues to enjoy greater adoption. Shiba Inu’s Marketing Lead, Lucie, had once urged the community to use Shibarium so that more SHIB could be burned.

SHIB community members seem to be now heeding her advice as the number of transactions on the network has skyrocketed recently. The layer-2 network is reported to have witnessed a transaction count spike of more than 47,000% in less than a week. In that period, Shibarium has surpassed the milestones of 5 million, 10 million, and 20 million in rapid succession.

Shibarium doesn’t seem to be slowing down anytime soon, as the total transaction count currently stands at over 35 million at the time of writing. The SHIB community will be hoping that this run continues as it is undoubtedly bullish for the meme coin’s price.

In an update posted on the Shib Blog, the correlation between Shibaroum’s transaction volume, gas fees, and Shiba Inu burns was resounded. The author noted that the burn rate would continue to grow exponentially as Shibarium experiences an increase in the number of transactions and a significant increase in gas fees.

SHIB price shows high level of volatility | Source: SHIBUSD on Tradingview.com

Featured image from Coinstats, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

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