The significant increase in the Shiba Inu burn rate has undoubtedly been one of the most noteworthy developments within the community. At the beginning of the week, the burn rate surged by over 7,000,000% following the burning of more than 8 billion tokens within a 24-hour period. This upward trend shows no signs of slowing down, as the burn figures continue to rise on a daily basis. Shiba Inu burn rate increases rapidly in one week. What caused it?
🌎《Now you can now start trading at TNNS PROX》📈
🔥Start trading today, click "sign up" from the link above.
Shiba Inu Burn Surge Continues
Earlier this week, there was a notable increase in the daily burn of Shiba Inu (SHIB) tokens, with over 8 billion tokens being burned. This was a significant figure considering the previous slowdown in burn rate over the past year. However, there has been a recent steady rise in the number of SHIB tokens being burned, prompting the question of what is driving this increase.
Following the 8 billion daily burn, there was a temporary dip in the burn rate. Nevertheless, the community has once again demonstrated their enthusiasm, as the burn tracker Shibburn reported a 24-hour burn figure exceeding 10 million tokens on Thursday. This shows a positive recovery from the significantly lower figures observed on Wednesday.
According to Shibburn data, there has been a substantial increase in the burn rate of SHIB tokens in the past 24 hours. Approximately 10.34 million SHIB tokens were burned, representing an 803.4% increase compared to the previous day. It is worth noting that the majority of these burns originated from a single wallet address, which sent over 10.2 million SHIB tokens to the burn address.
This recent surge in the burn rate has also contributed to a significant weekly increase in the total amount of SHIB tokens burned. The total figure for the week now stands at 8.497 billion SHIB tokens, marking a substantial 1,969.72% increase compared to the previous week's figures.
What Is Driving The SHIB Burn?
The burn rate for the week was primarily driven by a significant 8.2 billion burn, with the majority of tokens coming from a single address. This address belongs to the ShibaSwap deployer wallet, indicating that the SHIB team was responsible for burning the tokens.
The increase in the burn rate aligns with the growing usage of the Shiba Inu layer 2 blockchain Shibarium, which achieved several milestones during the week. As the network experienced higher usage and collected more fees, the amount of SHIB tokens to be burned saw a substantial rise.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.