Markets News Report
September 21, 2023

Shiba Inu Burns Over 130 Million Tokens in 24 Hours to Enhance Rarity 

In Brief

Shiba Inu, the popular memecoin, has witnessed a significant spike in its token burning rate, with over 130 million SHIB tokens burned in just 24 hours.

The 317% increase adds to a growing trend, with the coin’s burn rate nearing 500 million tokens over the past seven days.

Despite this, Shiba Inu’s price performance has shown only marginal gains over the week, rising by 1.14%, but declining by 9.78% over the last 30 days.

Shiba Inu Burns Over 130 Million Tokens in 24 Hours to Enhance Rarity 

The popular memecoin Shiba Inu surged in its burning rate, with over 130 million tokens incinerated in the past 24 hours.

Data provided by Shibburn reveals a 317% spike in the burning rate over the last 24 hours, with 130,529,064 SHIB tokens sent to an inaccessible wallet. This substantial increase follows a recent trend, with the memecoin’s burn rate for the past seven days approaching 500 million tokens.

Shiba Inu’s strategy involves a burning program that systematically removes tokens from circulation, effectively reducing its overall supply. With an enormous total token supply of 999,992,188,828,143 — the project has already destroyed more than 41% of its tokens, according to data.

While significant, the recent 317% increase in burning rate doesn’t surpass the record-breaking 821% surge witnessed on September 6. During that period, wallet 0x4be2b2c4 burnt 71 million SHIB tokens out of the 79 million eliminated.

Despite the fast pace of token burning, Shiba Inu’s price performance has shown modest gains, with a marginal 1.14% increase over the past week and a 9.78% decrease in the last 30 days.

shiba inu
Source: CoinMarketCap

Shibarium’s Block Production Soars to 3 Million Transactions

Layer-2 blockchain Shibarium, is garnering recognition within the decentralized network with a remarkable surge in block production.

Data from the Shibariumscan explorer revealed that since the start of September, the network has generated over 728,000 blocks— an almost twofold increase compared to the month’s beginning when the block count was at 500,000. Each new block takes only five seconds to be produced on the Shibarium network.

The total transactions on Shibarium now stand at 2,953,493 transfers, highlighting its growing usage. Despite a recent drop in daily transaction volumes from a peak of 200,880 on September 13, Shibarium continues to expand.

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About The Author

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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Agne Cimerman
Agne Cimerman

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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