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- Shiba Inu burn rates jumped 2,224% in the past 24 hours.
- Over 5 million Shiba Inu tokens were sent for incineration during that period.
- Shibarium daily transactions jumped in the same period, alongside a rise in SHIB’s value.
Ethereum-based meme coin network Shiba Inu has seen a sporadic rise in its token burn rate in the past 24 hours, data from Shibburn reveals.
The incineration, which is a collective effort by the meme coin’s team and community, jumped 2,224% in the aforementioned period, following a recent slowdown in the burn rate. In that time, over 5 million Shiba Inu tokens were sent to dead wallets and effectively taken from circulation.
SHIB Burn
According to data from Shibburn, three wallet addresses spearheaded the uptick in the burn rate. In particular, wallet address 0xa9d1…67e9 incinerated 3 million SHIB in two transactions, while another wallet, 0x60812…253d, burned 1 million SHIB.
The recent rise in the burn rate underscores continued efforts by the SHIB team and community to constrict the token’s supply. Expectations are that a reduced supply of SHIB, alongside other community endeavors, will help drive up the value of the meme coin.
Meanwhile, the rise in burn rate coincides with an uptick in daily transactions on the layer-2 network Shibarium. Transactions on the network slumped following a Bitcoin-led flash crash earlier this week.
At the time of press, the daily transactions on Shibarium stood at 6.19 million. Overall, the layer-2 blockchain has recorded over 256 million transactions and registered around 1.3 million wallet addresses.
More significantly, Shiba Inu’s value jumped in the past 24 hours, at the same time as the burn rate uptick. The correlated surges have since stoked speculations about whether the burn rate helped drive the price higher. CoinMarketCap data shows Shiba Inu rose 2.36% in the past 24 hours. The increase in value is a slight recovery from the selloffs that followed the Bitcoin-led flash crash. Presently, the token is exchanging hands at $0.000009864.
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