Shiba Inu Token Burn Hits Record High: Massive Reduction in Circulation
The burn rate of Shiba Inu (SHIB) tokens surged significantly yesterday, resulting in over 1.6 billion tokens being removed from circulation.
Based on data from Shibburn, a SHIB burn tracker, the burn rate for this meme-based digital asset has risen by a staggering 56,965%. As a result, a total of 1,695,572,371 SHIB tokens have been taken out of circulation.
Shibburn reports that this substantial burn has now brought the total discarded supply of Shiba Inu tokens to over 410.6 trillion, while the circulating supply currently stands at approximately 574.1 trillion.
Shibarium, the upcoming layer-2 scaling solution from Shiba Inu, has recently launched its testnet called “Puppynet.” However, there is no clear timeline for releasing the project’s mainnet.
Blockscout, a blockchain scanner, reveals that since its launch in March, Puppynet has seen over 5 million transactions, marking a fivefold increase compared to the 1 million reported on March 31st.
In contrast to the price volatility of Pepe (PEPE), another meme token, the price of Shiba Inu has remained relatively stable recently. It has been trading within the range of $0.00000988 and $0.00001005 over the past seven days.
READ MORE: Meme Coin Showdown: Shiba Inu vs Dogecoin – Who Will Reign Supreme?
As of the time of writing, SHIB is valued at $0.00000943, and its down by 4.3% l in the past 24 hours.
Pepe experienced a significant surge in value when it was added to the trading platform of Binance, the world’s largest cryptocurrency exchange by market capitalization. Within a week, PEPE skyrocketed from its low of $0.000000254 on April 28th to 0.00000375, achieving a remarkable gain of 1,300%. It’s important to note that PEPE is based on a controversial meme.
PEPE is currently trading at $0.00000341, indicating an 81.2% increase in the past 24 hours.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
