SHIB Burn Rate Plunges This Much as Less Than 100K Shiba Inu Gets Burned

Despite the launch of Shibarium beta nearly a month ago, the burn rate of Shiba Inu tokens remains unsteady, rising over 1,000% or falling below zero, with less than 100,000 SHIB destroyed.

Tiny amount of SHIB burned within 24 hours

In fact, 50,000 Shiba Inu meme coins have been burned over the past 24 hours, according to data provided by the Shibburn crypto tracker on its website. This tiny 50,000 SHIB worth $0.55 was burned in one of the two transactions that took place 12 hours ago.

The burn rate dropped by 99.75$ compared to the previous day, when 20,227,583 Shiba Inu were removed from the circulating supply.

Last week, a major peak in Shiba Inu transactions was noted, with transfers made of mainly $100,000 and $1,000,000 worth of SHIB. However, this record coincided with the price of the meme coin going green. Between April 3 and 4, the second major meme cryptocurrency, SHIB, surged by over 8% to the delight of its vast community and traders speculating on price fluctuations.

HOURLY SHIB UPDATE$SHIB Price: $0.00001097 (1hr -0.34% ▼ | 24hr -2.90% ▼ )
Market Cap: $6,468,236,079 (-2.97% ▼)
Total Supply: 589,369,879,423,722

TOKENS BURNT
Past 24Hrs: 50,001 (-99.75% ▼)
Past 7 Days: 280,095,978 (-76.08% ▼)

— Shibburn (@shibburn) April 6, 2023

SHIB price drops after spike

That price surge was likely attributed to the 33% surge ofthe  Dogecoin price after Elon Musk changed the logo of Twitter from the blue bird to a DOGE.

Shib followed as the meme token with the second biggest market capitalization value. After that, however, the price dived, shedding about 5% from the aforementioned gains; after rising to $0.00001151, the coin is trading at the $0.00001094 level. The SHIB burn rate often turns out to be somehow correlated with the coin's price: when the price is in green, the burn rate goes up, showing a substantial rise, and vice versa.

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Shibarium's contribution to SHIB burns

After the Shibarium beta called Puppynet was launched on March 11, wallets transacting on it began to directly impact SHIB burns. In the Shibarium documents released recently, the developers stated that 70% of the base fee would be contributed to burns (BONE fees converted into Shiba Inu and then sent to unspendable wallets, i.e., burned).

Less than a week ago, U.Today reported that Shibarium crossed the milestone of one million transactions made on its beta. The number of participating wallets back then was roughly 200,000.