Shiba Inu (SHIB) saw a critical development this year in its ecosystem. Despite its price struggling to keep up to its all-time high, the network has taken centre stage in terms of development. Shibarium, Shiba Eternity which is the card game and Shib’s very own metaverse, helped the network to remain more than just relevant. Furthermore, destroying the supply of SHIB, also known as burning SHIB, attracted much attention. With the participation of the entire community, the network was able to reduce the supply by a significant amount.
SHIB’s burn rate has increased dramatically in the last 24 hours. The number of Shiba Inu tokens sent to a dead wallet was so large that the burn rate increased by 1,502 percent.
According to the Shibburn website, 134,658,618 SHIB were burned in the last 24 hours.
Whales played a very important role in the burns of Shib in the ecosystem. The network includes devoted whales who have gone on a buying spree despite market conditions. Some of these whales appeared to be assisting in the network’s massive burns.
It was discovered that a whale sent a whopping 126,735,223 SHIB to a defunct wallet. A transaction of this magnitude is believed to have increased SHIB’s burn rate.
Price Down By 3% As Shiba Inu’s Burn Rate increases By 1500%
Amidst all efforts to reduce Shiba Inu supply, the asset’s price has remained stable. When the supply of an asset decreases, the price is usually expected to increase. However, the most recent burn did not appear to have an effect on the price of SHIB.
The Shiba Army has repeatedly stated that its current burning rate is counterproductive. However, several investors suggested that trillions of SHIB needed to be burned every day for the ecosystem to benefit.
Shiba Inu was trading for $0.00001067 at the time of publication, with a 2.70% drop in the previous 24 hours. It should be noted that SHIB has dropped by 13% in the last few days, which is significantly more than what its peers have experienced.