{"id":33751,"date":"2023-12-05T14:53:15","date_gmt":"2023-12-05T18:53:15","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=33751"},"modified":"2023-12-05T14:53:15","modified_gmt":"2023-12-05T18:53:15","slug":"shiba-inu-burn-rate-surges-with-over-8-billion-shib-burned-heres-the-trigger","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/05\/shiba-inu-burn-rate-surges-with-over-8-billion-shib-burned-heres-the-trigger\/","title":{"rendered":"Shiba Inu Burn Rate Surges With Over 8 Billion SHIB Burned, Here\u2019s The Trigger"},"content":{"rendered":"

The Shiba Inu community burn initiative<\/a> may have just set a new record with the number of tokens burned in the last 24 hours.\u00a0The community will undoubtedly be brimming with optimism as to the promising future of the meme coin<\/a> and its ecosystem.\u00a0<\/p>\n

Over 8 Billion Shiba Inu Burned In The Last 24 Hours<\/h2>\n

According to data from the burn tracking website Shibburn<\/a>, over 8 billion Shiba Inu tokens have been burned in the last 24 hours. As a result of this record, the burn rate jumped by 7424294.41%. Interestingly, one transaction accounted for the bulk of the tokens burned, with 8,241,856,589 SHIB transferred<\/a> to a dead wallet.<\/p>\n

This development continues a recent trend that has SHIB\u2019s burn rate continuing to spike. Sometime last week, the token\u2019s burn rate rose by 499,416%<\/a> in a single day, with over 264.2 million SHIB tokens burned. This came after 2.7 million SHIB tokens had just been burned the previous day.\u00a0<\/p>\n

Related Reading: Bitcoin Cycle Analysis And Macro Factors Reveal When Price Will Reach $125,000<\/a><\/p>\n

Meanwhile, the single transaction that led to 8.2 billion SHIB tokens being burned was due to the spike in network activity on Shibarium. Shiba Inu\u2019s developer, Kaal Dhairya<\/a>, noted in an X post that the layer-2 network experienced a continuous rise in gas fees, which led to exponential growth in the burn rate.\u00a0<\/p>\n

Shibarium\u2019s Role In SHIB\u2019s Burn Rate<\/h2>\n

Shibarium\u2019s<\/a> significant role in the Shiba Inu burn rate has become evident. Notably, the Shibarium allocates a portion (70%) of the network\u2019s base fees for SHIB burns. The spike in SHIB\u2019s burn rate is expected to be on the rise even as Shibarium continues to enjoy greater adoption. Shiba Inu\u2019s Marketing Lead, Lucie,<\/a> had once urged<\/a> the community to use Shibarium so that more SHIB could be burned.\u00a0<\/p>\n

SHIB community members seem to be now heeding her advice as the number of transactions on the network has skyrocketed recently<\/a>. The layer-2 network is reported<\/a> to have witnessed a transaction count spike of more than 47,000% in less than a week. In that period, Shibarium has surpassed the milestones of 5 million, 10 million, and 20 million in rapid succession.<\/p>\n

Shibarium doesn\u2019t seem to be slowing down anytime soon, as the total transaction count<\/a> currently stands at over 35 million at the time of writing. The SHIB community will be hoping that this run continues as it is undoubtedly bullish for the meme coin\u2019s price.\u00a0<\/p>\n

In an update<\/a> posted on the Shib Blog, the correlation between Shibaroum\u2019s transaction volume, gas fees, and Shiba Inu burns was resounded. The author noted that the burn rate would continue to grow exponentially as Shibarium experiences an increase in the number of transactions and a significant increase in gas fees.\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

The Shiba Inu community burn initiative<\/a> may have just set a new record with the number of tokens burned in the last 24 hours.\u00a0The community will undoubtedly be brimming with optimism as to the promising future of the meme coin<\/a> and its ecosystem.\u00a0<\/p>\n

Over 8 Billion Shiba Inu Burned In The Last 24 Hours<\/h2>\n

According to data from the burn tracking website Shibburn<\/a>, over 8 billion Shiba Inu tokens have been burned in the last 24 hours. As a result of this record, the burn rate jumped by 7424294.41%. Interestingly, one transaction accounted for the bulk of the tokens burned, with 8,241,856,589 SHIB transferred<\/a> to a dead wallet.<\/p>\n

This development continues a recent trend that has SHIB\u2019s burn rate continuing to spike. Sometime last week, the token\u2019s burn rate rose by 499,416%<\/a> in a single day, with over 264.2 million SHIB tokens burned. This came after 2.7 million SHIB tokens had just been burned the previous day.\u00a0<\/p>\n

Related Reading: Bitcoin Cycle Analysis And Macro Factors Reveal When Price Will Reach $125,000<\/a><\/p>\n

Meanwhile, the single transaction that led to 8.2 billion SHIB tokens being burned was due to the spike in network activity on Shibarium. Shiba Inu\u2019s developer, Kaal Dhairya<\/a>, noted in an X post that the layer-2 network experienced a continuous rise in gas fees, which led to exponential growth in the burn rate.\u00a0<\/p>\n

Shibarium\u2019s Role In SHIB\u2019s Burn Rate<\/h2>\n

Shibarium\u2019s<\/a> significant role in the Shiba Inu burn rate has become evident. Notably, the Shibarium allocates a portion (70%) of the network\u2019s base fees for SHIB burns. The spike in SHIB\u2019s burn rate is expected to be on the rise even as Shibarium continues to enjoy greater adoption. Shiba Inu\u2019s Marketing Lead, Lucie,<\/a> had once urged<\/a> the community to use Shibarium so that more SHIB could be burned.\u00a0<\/p>\n

SHIB community members seem to be now heeding her advice as the number of transactions on the network has skyrocketed recently<\/a>. The layer-2 network is reported<\/a> to have witnessed a transaction count spike of more than 47,000% in less than a week. In that period, Shibarium has surpassed the milestones of 5 million, 10 million, and 20 million in rapid succession.<\/p>\n

Shibarium doesn\u2019t seem to be slowing down anytime soon, as the total transaction count<\/a> currently stands at over 35 million at the time of writing. The SHIB community will be hoping that this run continues as it is undoubtedly bullish for the meme coin\u2019s price.\u00a0<\/p>\n

In an update<\/a> posted on the Shib Blog, the correlation between Shibaroum\u2019s transaction volume, gas fees, and Shiba Inu burns was resounded. The author noted that the burn rate would continue to grow exponentially as Shibarium experiences an increase in the number of transactions and a significant increase in gas fees.\u00a0<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-33751","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33751","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=33751"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33751\/revisions"}],"predecessor-version":[{"id":33766,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33751\/revisions\/33766"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=33751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=33751"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=33751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}