Shiba Inu’s 24 Hour Burn Rate Jumps 35.87%, Showcasing the Strength of the Community

Crypto News- In a recent tweet, Shibburn, a well-respected tracker in the world of Shiba Inu, brought us the freshest updates on the Shiba Inu cryptocurrency. As per their tweet, the hourly price of Shiba Inu has shown a modest increase of 0.57%, pushing its value to $0.00000739.

Shiba Inu’s 24 Hour Burn Rate Jumps 35.87%, Showcasing the Strength of the Community

Over the past 24 hours, Shiba Inu has also experienced a slight uptick in value, rising by 1.26%, with the market capitalization now standing at $4,345,909,911, signifying a 1.06% increase.

However, what stands out most prominently in this tweet is the data on token burns, showing a significant surge in burnt tokens. In just the last 24 hours, a staggering 247,744,292 SHIB tokens have been incinerated, a remarkable 35.87% increase compared to the previous day.

Over the past week, the rate of burning Shiba Inu tokens has escalated further, with 789,178,355 SHIB tokens going up in smoke, marking an impressive 49.42% increase. It’s noteworthy that the collaborative efforts within the Shiba Inu community, aimed at reducing SHIB’s circulating supply, are bearing fruit. A substantial 410.65 trillion SHIB tokens have been successfully burnt over the past three years.

Despite this considerable burn, SHIB still boasts a substantial circulation of 579.62 trillion tokens. It’s becoming evident that the Shiba Inu community recognizes the need for additional measures beyond regular burns to significantly trim down the cryptocurrency’s circulating supply.

In response to this challenge, the Shiba Inu development team has recently rolled out Shibarium, a layer-two scaling solution designed to burn SHIB tokens per transaction. In the five weeks since its launch, Shibarium has amassed just 0.512013000539 gas tokens, valued at $0.406398542879.

Shibburn’s estimation suggests that Shibarium would need over 5.3 quadrillion transactions to reach a value of $25,000 before making a substantial impact on the supply of Shiba Inu tokens.