Shiba Inu’s burn rate has seen a massive surge, with the recent update from the Shibburn wallet tracking service revealing a 340% increase in the last 24 hours. Millions of Shiba Inu coins have been sent to burn wallets, contributing to this sharp rise. Surprisingly, the price of SHIB has shown a modest increase, defying market expectations.
SHIB Burn Rate Sees a 340% Jump
In the past day, SHIB’s burn rate spiked by 340.27%, according to the SHIB tracking platform. The total number of SHIB tokens sent to unspendable blockchain addresses reached 11,080,178, a significant increase from the 2,516,677 tokens burned the day before when the burn rate had dropped by nearly 20%.
Source: Shibburn
So far, seven burn transactions have been recorded, with the largest one involving 10,007,448 SHIB. The other transactions involved much smaller amounts, with none exceeding one million tokens.
Related article: Shiba Inu Burn Rate Skyrockets: Will SHIB Price Rebound Last?
Despite the surge in burn rate, transaction activity on Shibarium, Shiba Inu’s layer-2 blockchain, has remained low. According to data from Shibariumscan, daily transactions on Shibarium dropped from 5,430 on September 11 to 3,810 on September 12. Transaction activity on Shibarium directly impacts the SHIB burn rate, as a portion of gas fees, paid in BONE tokens, is converted into SHIB and automatically burned.
In late 2023 and early 2024, the SHIB team manually burned billions of tokens. Now, following a major update to the Shibarium network, the burning process is automated.
Shibarium Network Growth Continues
Despite the low transaction count, the Shibarium network is nearing a major milestone, with 418,180,344 transactions recorded so far, just shy of 420 million since its launch in August 2022.
Related article: Shiba Inu’s Shibarium Nears Major Milestones: Is a SHIB Price Surge Coming?
The number of wallets connected to Shibarium has reached 1,814,776, and the network has produced 6,807,807 blocks.
Over the last 24 hours, SHIB’s price has risen 2%, trading at $0.00001350, remaining in the same range as the past week.
