Shiba Coin Burn Rate Spikes 100%: Shiba Inu Burn Records Over 1.2 Million

Shiba Coin Burn Rate Spikes 100%

More than 1,214,431,010 Shiba Inu (SHIB) coins have been burned in over 121 transactions in the past seven days, according to the Shibburn Twitter account. This represents more than a 100% increase of Shiba coin burn rate compared to last week.

 

As reported, 542M Shiba Inu, or over half a billion, were sent to dead wallets last week, adding up to the billions of SHIB burned since early August.

 

Recent hours have seen several transactions carrying SHIB being burned, resulting in a small increase in the burn rate, which was down previously. At the time of publishing, the Shiba coin burn rate was up 5.73%, according to the Shibburn website.

In the last 24 hours, over 215,346,231 Shiba Inu coins were burned in 11 transactions. In the last hour, exactly 1 million SHIB coins were sent to dead wallets in a single transaction.

 

The SHIB community still finds burning Shiba Inu to be a favorite topic, and they want to see burns reach trillions. As reported, ShibaSwap 2.0 and the upcoming Layer 2 Shibarium are both expected to play major roles in the hypothesis of burning trillions of SHIB.

 

Leading Shiba Inu developer Shytoshi Kusama said that burning trillions of SHIB would be a “true community endeavor.” According to him, the project is making progress in several directions. While expressing his hope that the timing is optimal, he adds that it may take some time.

 

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Shiba Inu Price Trend

Shiba Inu was trading at $0.0000123 at the time of writing, having risen slightly in the last 24 hours, according to CoinMarketCap. The market is still under slight selling pressure as cryptocurrencies try to rebound after Friday’s massive sell-off.

 

According to WhaleStats data, the top 100 Ethereum whales are currently hodling $148,354,507 worth of SHIB.

 

BONE, the Shiba Inu governance token, is still up 1.77% at $1.07 against the backdrop of other crypto assets, most of which are in the red at the time of writing, as a result of the recent market sell-off.

 

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