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The SHIB burn rate has again demonstrated a massive rise as another astounding amount of meme coins was moved to "inferno" wallets. Over the past 24 hours, nearly a billion Shiba Inu coins were burned; that is slightly less than half of the SHIB amount that has been destroyed in the past seven days.
In the meantime, popular meme coin Shiba Inu has shown a rise of over 7.2% on a weekly basis.
Burn rate jumps 9,562%
According to data shared by the Shibburn tracking platform, the pace at which Shiba Inu tokens are being moved to dead wallets has spiked by a whopping 9,562% during the past 24 hours.
HOURLY SHIB UPDATE$SHIB Price: $0.00001082 (1hr -0.77% ▼ | 24hr 2.99% ▲ )— Shibburn (@shibburn) March 17, 2023
Market Cap: $6,386,090,189 (3.01% ▲)
Total Supply: 589,609,857,404,206
Past 24Hrs: 933,085,386 (9562.61% ▲)
Past 7 Days: 2,543,787,247 (-47.56% ▼)
In total, 933,085,386 Shiba Inu were removed from circulation. However, nearly all of these SHIB were burned in merely one transfer that carried 924,150,949 SHIB five hours ago.
Compared to the overall number of SHIB removed from the circulating supply in the last week, this is slightly less than half. Shibburn shared that over the past seven days, the Shiba Inu army managed to burn 2,543,787,247 SHIB.
Two days ago, somebody also burned a staggering amount of these popular doggy-themed coins, but a smaller amount – 452,950,434 SHIB – in a single transfer to an unspendable wallet.
Burns accelerate despite Shibarium clone allegations
As reported by U.Today earlier, almost a week ago, on Saturday, the SHIB developer team finally kicked off the Layer 2 blockchain Shibarium in beta test version. The testnet is called Puppynet, with all the tokens and products on it being for test purposes only, as the lead developer Shytoshi Kusama has warned many times.
In a Medium post, Kusama confirmed that some SHIB will be taken out of circulation every time a transaction is made on Shibarium. This mechanism has been described many times before the release; a portion of the gas fees charged in BONE token will be converted to SHIB and then sent to dead wallets.
The joy was darkened by allegations that Puppynet is a clone of another testnet, Rinia. Puppynet carries the same ChainID number on it. However, Shytoshi rejected these allegations as FUD, stating that there will be several testnets to fix all the bugs that may emerge in the process of testing.
Shiba Inu is currently exchanging hands at $0.00001075, rising by 3.88% in the past 24 hours and over 7% during the past seven days, according to CoinMarketCap.