Shiba Inu has been leading the way in token burns within the crypto community, with burn figures consistently increasing each week. This has resulted in significant daily spikes, with some even reaching the tens of thousands percentile. The past week was no exception, as the burn rate experienced an 11,600% surge. "Shiba Inu Burn Rate Surges by 11,600%, But Is It Significant?"
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Shiba Inu Weekly Burn Rate Surges 11,600%
Shibburn, a website that tracks the burn figures for Shiba Inu, reported a significant spike in the burn rate for the last week, reaching 11,600%. This increase was driven by high-value burns that resulted in billions of tokens being sent to the burn address.
The primary burn transaction came from the Shiba Inu team, which burned over 9.3 billion SHIB tokens in a single transaction. This burn is part of the team's ongoing effort to reduce the total circulating supply through manual SHIB burns.
Following the substantial burn, the daily burn rate surged by over 28,000% at the time, contributing to the overall 11,600% surge in burn rate for the week.
According to Shibburn, a little over 9.4 billion tokens were burned in the seven-day period, leading to the 11,600% figure. However, the question remains: how significant is this surge in burn rate in the larger context?
SHIB Burns Barely Making A Dent
Now, the Shiba Inu burn initiative has been ongoing for over a year. Despite regular token burns, it has had minimal impact on the circulating supply. The total circulating supply of SHIB is currently over 581 trillion, and with only millions or billions of tokens being burned daily, the community still has a long way to go before the burns can make a significant impact.
One potential solution to expedite this process is the implementation of automated burns on Shibarium. These automated burns are expected to use the fees generated on the network to burn SHIB tokens, which could help remove trillions of SHIB tokens from circulation. The community is eagerly anticipating this upgrade.
In the last 24 hours, the SHIB burn rate has surged by an impressive 2,034%, with 88.7 million tokens being burned.
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.
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