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SHIB Burn Rate Spikes 968% As Shibarium Approaches Big Milestone

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Wed, 15/11/2023 - 15:01
SHIB Burn Rate Spikes 968% As Shibarium Approaches Big Milestone
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According to the recent data provided by the Shibburn explorer, during the period of the last 24 hours, the SHIB army disposed of millions of SHIB coins, giving the SHIB burn rate a significant push upward.

In the meantime, Shibarium is nearing a historic milestone in one of its major utility metrics.

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SHIB burn rate jumps nearly 1,000%

Shibburn reported that the burn rate of the second largest meme coin in terms of market capitalization Shiba Inu has shown a massive rise of more than 968% with a total of 15,919,048 SHIB coins transferred to “inferno” wallets.

Nearly all that SHIB amount was burned in a single transfer made 20 hours ago – it carried 14,807,888 Shiba Inu out of the circulating supply.

Shiba Inu burn rate rises
Image via Shibburn

These burns are largely conducted with the help of the Layer-2 blockchain Shibarium now as many projects are building on it and launching NFTs, burning part of their profits in the form of SHIB to help reduce the meme coin’s circulating supply.

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Shibarium about to hit a big milestone

Shibariumscan explorer has shared that Shibarium is standing a little short of reaching a historic milestone of 4 million transactions. Currently, the total transaction count stands at 3,934,662.

The number of daily transactions today has surged to 13,210, rising from the 10,000 level that was achieved in October and lasted until recently.

The overall number of blockchain wallet addresses connected to Shibarium sits at 1,265,685.

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