Shiba Inu’s Token Burn Rate Surges by 800% in 24 Hours
During the current market rally, Shiba Inu (SHIB), commonly known as the "Dogecoin Killer," underwent an extraordinary surge in its token burn rate, witnessing an exponential 800% increase within a mere 24-hour period.
This surge resulted in the elimination of approximately 10.3 million SHIB tokens. The spike was largely attributed to a single transaction that funneled over 10 million tokens into the burn wallet, significantly contributing to this substantial uptick in token incineration.
These sudden fluctuations in SHIB’s burn rate have brought it under the spotlight, drawing attention from both seasoned cryptocurrency investors and the broader community. Particularly noteworthy was the unprecedented surge on a recent Monday, where the project experienced an astronomical 7.7 million % increase in its burning rate.
Analysis from burn trackers pointed to a specific wallet address, “Shiba-swap.eth,” which was responsible for torching more than 90% of the tokens, hinting at a potential correlation between this surge and heightened activity within the Shibarium network.
The escalated burn rate appears to coincide with a remarkable increase in transactions occurring on the Shibarium network. The daily transaction volume has soared to an average of 7.51 million, with the total transactions crossing the 50 million mark.
This surge in network activity might be closely associated with the observed rise in token elimination. Additionally, Shiba Inu recently unveiled an innovative burning method, deemed transformative, which is set to transition into an automated system by January 2024.
Despite the significant elimination of 410.67 trillion tokens from the initial supply, an estimated 580.72 trillion SHIB tokens are currently believed to be in circulation, showcasing the ongoing dynamics within the Shiba Inu ecosystem.