Wednesday, February 1, 2023
HomeCrypto NewsIn The Last 24 hours, Shiba Inu Burn Rate Has Surged by...

In The Last 24 hours, Shiba Inu Burn Rate Has Surged by Nearly 1400%

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According to data from Shibburn.com, the SHIB burn rate increased by 1395.89% in the previous 24 hours.

The surge reflects the community’s collective transfer of 37.4 million SHIB to the burn wallet during the recent 24 hours, as Shibburn reported in a tweet today.

The total burn represents a significant rise over the total burn of 2.5 million SHIB the day before, even though it is not at the levels witnessed near the end of last year and at the beginning of this year.

Read more: Binance to Delists Shiba Inu (SHIB) Pairs

Two transactions triggered approximately 85% of the 37.4 million SHIB burn.

At 1:26 AM UTC, 16.7 million SHIB were the first transaction sent to the burn wallet. According to an Etherscan inspection, the wallet now only has around 125 BONE instead of any SHIB.

Around 15 million SHIB were sent to the burn wallet in the second transaction at 3:57 AM UTC from a separate wallet. According to Etherscan data, only 0.01 SHIB is still at this address.

Although some community members have recently expressed dissatisfaction with the rate of SHIB burns, it is relevant to note that it appears destined to increase when Shibarium starts. The Layer 2 solution will burn SHIB with each transaction, as was revealed on Saturday.

Despite lacking a stated launch date, recent reports suggest that developers are almost ready to release the protocol’s beta version. They recently reaffirmed that BONE is the main token users will spend on the network for gas.

SHIB’s price is rising along with most of the crypto market. At the time of publication, it was trading at $0.000008765, up 4.0% over the previous 24 hours, and has a 589 trillion SHIB supply in circulation.

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