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Shiba Inu has seen a supply reduction in the last 24 hours, with the associated metric skyrocketing as a result.
Burning refers to the mechanism by which Shiba Inu reduces its total supply and is being driven by the community and burn initiatives in the Shiba Inu ecosystem.
According to Shibburn, a total of 2,190,152 SHIB has been slashed off the Shiba Inu circulating supply in the last 24 hours, resulting in the burn rate skyrocketing by a massive 1,932.59%. The surge in the burn rate comes as just 106,219 SHIB tokens were burned in the day before, Sept. 12. The vast difference has caused Shiba Inu's daily burn rate to surge more than 1,932%.
As Shiba Inu burns continue, trillions of tokens have already been deleted from Shiba Inu's initial total supply of 1 quadrillion tokens.
With the latest burn of 2,190,152 SHIB tokens, Shiba Inu's total supply now stands at 589,247,707,940,580 SHIB tokens.
While the daily burn rate has risen, the reverse is seen weekly as less tokens were burned relative to the last seven days. According to Shibburn, 3,821,149 SHIB tokens were burned in the last seven days, marking an 81.12% drop in weekly burn rate.
SHIB news
Shiba Inu is seeing a drop in the market amid profit-taking after what could be deemed a bullish week for most cryptocurrencies.
At the time of writing, SHIB was down 5.15% in the last 24 hours to $0.00001375 but up 11% weekly. BONE, Shibarium's gas token, suffered even bigger losses, down 13% to $0.20.
Shibarium, Shiba Inu's Layer-2 network, was hit by a coordinated exploit over the weekend as an attacker used a flash loan to buy 4.6 million BONE tokens and gain majority validator power. The flash loan-like transaction was repaid using assets drained from the bridge, including 224.57 ETH and 92.6 billion SHIB.
BONE jumped immediately after the attack and at one point saw its value higher by 40% before it fell.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team