Shiba Inu Burn Rate Skyrockets as Community Destroys Millions of Meme Coins

The Shiba Inu community has taken a significant step towards reducing the circulating supply of the SHIB meme coin. According to data from the Shibburn tracker, the SHIB burn rate has surged by 62.58% in the last 24 hours.

Source” X

The community burned 6,985,600 SHIB tokens during this period across ten separate burn transactions. The largest burns removed 2,555,239, 1,500,000, and 1,045,369 SHIB from circulation.

While this recent burn spree is undoubtedly a positive development, the weekly burn rate tells a different story. Over the past seven days, the community has only managed to burn 57,671,544 SHIB, nearly 57% less than the amount sent to non-spendable wallets the previous week.

Despite this, the Shiba Inu community has made significant progress in reducing the overall supply of SHIB since its launch in 2020. The community burned a staggering 410,726,422,225,031 SHIB, leaving 582,992,864,057,113 SHIB in circulation. Additionally, 6,280,713,717,854 SHIB remain locked in staking platforms.

Shiba Inu Price Dips as Shibarium Activity Slumps

Alongside the burn rate surge, the price of SHIB, the second-largest meme cryptocurrency, has seen a notable dip. Over the last 24 hours, the value of SHIB has fallen by over 4%, dropping from $0.00002504 to $0.00002397 at the time of writing.

Source: CoinMarketCap

Concurrently, on-chain activity on the Shibarium layer-2 solution has taken a nosedive. Daily transactions on Shibarium have plunged to 11,910, a staggering 97% decrease from the 562,990 transactions recorded on April 17th.

While the total number of transfers on Shibarium has climbed to 417,490,509, with 1,803,114 wallets now connected, the recent slump in activity could be attributed to ongoing upgrades. Last week, SHIB lead Shytoshi Kusama announced bridging a new version of the ShibaSwap DEX from Ethereum to Shibarium, potentially expanding opportunities for SHIB users.

As the Shiba Inu community continues its efforts to reduce the circulating supply and enhance the ecosystem, investors and enthusiasts alike will closely monitor these developments and their impact on the future of the meme coin.

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.