CDS Crypto News Shiba Inu’s SHIB Token Burn Rate Surges by 6,000% as Shibarium Transactions Decline
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Shiba Inu’s SHIB Token Burn Rate Surges by 6,000% as Shibarium Transactions Decline

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Shiba Inu'S Shib Token Burn Rate Surges By 6,000% As Shibarium Transactions Decline 145431

Shiba Inu’s SHIB Token Burn Rate Surges by 6,000% as Shibarium Transactions Decline

Crypto NewsShiba Inu‘s SHIB cryptocurrency has experienced an astonishing 6,000% surge in its token burn rate over the past week, resulting in the incineration of approximately 9.4 billion tokens.

This substantial increase in token burning coincides with a noticeable decline in transaction volume on Shibarium, which serves as the layer 2 network for the popular meme coin.

SHIB Burn Rate Sees Remarkable 6,000% Increase

In the last week alone, Shiba Inu has witnessed an extraordinary 5,972.36% surge in its token burn rate, effectively removing more than 9.4 billion SHIB tokens from circulation. This impressive burn rate accounts for over 10% of the total SHIB tokens that were destroyed throughout the entire previous year.

Token burns are typically implemented to reduce the available supply of a cryptocurrency. This decrease in supply can potentially lead to scarcity, potentially driving up prices if the demand remains strong.

Shiba Inu'S Shib Token Burn Rate Surges By 6,000% As Shibarium Transactions Decline

The remarkable surge in SHIB’s market value this week can be attributed to this heightened burn rate. This coincided with a broader market resurgence, driven by the approval of several spot Bitcoin ETFs in the United States.

These events resulted in SHIB’s price increasing by approximately 5% over the past week, reaching a peak of $0.0000105.

Declining Shibarium Transactions

Simultaneously, the Shibarium network has experienced a noticeable decrease in daily transactions over the past month. Daily transaction numbers have plummeted from an average of 7 million in December 2023 to less than 2 million this month.

In fact, daily transactions have dropped significantly, from 7.84 million on December 28, 2023, to a mere 1.16 million as of January 13, 2024.

Shiba Inu'S Shib Token Burn Rate Surges By 6,000% As Shibarium Transactions Decline

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