Shiba Inu Burn Rate Surges 24,000% Amid Wider Crypto Market Rally

The meme-inspired cryptocurrency Shiba Inu has seen its daily burn rate soar last month by over 24,000% to 270.7 million tokens as the price of the cryptocurrency soared around 35.1% over the last 30 days.

According to data from Shiba Inu burn rate tracker Shibburn a total of 270.75 million SHIB tokens were burned over the last 24-hour period at a time in which the price of the cryptocurrency has been surging.

Since the meme-inspired cryptocurrency was launched, over 410.73 trillion tokens have been destroyed, from a total supply of 1 quadrillion, with most of the tokens being burned by Ethereum co-founder Vitalik Buterin after he was sent a large portion of SHIB’s supply.

Its burning mechanism is intended to reduce the overall supply of SHIB tokens, reducing supply and potentially leading to price rises if demand remains steady or rises. The strategy is multifaceted, encompassing both automated and manual burns.

The meme-inspired cryptocurrency’s layer-2 scaling solution, Shibarium, has meanwhile kept on growing since it was first launched. It has now processed over 575 million transactions and has over 1.99 million wallet addresses on it.

According to data from Shibariumscan, the network is processing around 4.7 million transactions per day with transaction fees being below $0.01 for users, and the average block time hovering at 5 seconds.

Earlier this month, as reported, a colossal SHIB whale holding a taggering $2.5 billion worth of the meme-inspired cryptocurrency has been discovered, with their entire holdings being spread through a network of roughly 150 addresses. The whale holds 10% of SHIB’s supply.

Shiba Inu was launched in 2020 as a fair launch accessible to anyone, and around 50% of the cryptocurrency’s supply was allocated to the deployer wallet. Then, according to blockchain analytics firm Bubblemaps, between August and October 2020 a massive whale entered the scene.

That whale, identified by the initials of their wallets address 0x1406, bought a whopping 103 trillion SHIB – equivalent to 10% of the cryptocurrency’s supply – for 38 ETH, which at the time was around $10,000.

Featured image via Unsplash.