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Shiba Inu (SHIB) Burn Rate up 721% in Attempt to Break Vicious Price Cycle

Wed, 09/06/2023 - 08:37
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Godfrey Benjamin
Millions of SHIB incinerated as burn rate prints biggest weekly jump
Shiba Inu (SHIB) Burn Rate up 721% in Attempt to Break Vicious Price Cycle
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Shiba Inu (SHIB), the meme coin that is now making waves as the purveyor of Shibarium, the Ethereum-based Layer 2 protocol, is recording an immense jump in its burn rate today. According to data from, this unique meme coin metric has jumped by a massive 721%, which has seen a total of 77,423,226 SHIB tokens incinerated overnight.

Shiba Inu Burn Rate Skyrockets by 500% as More Than Half Billion SHIB Burned

SHIB Burn Chart. Source:

While it is not uncommon for Shiba Inu to record a massive jump in its deflationary token metric overall, what remains intriguing is the fact that the SHIB burn rate has been nosediving in recent times despite advances in Shibarium utilization. In the overnight session, the contributions of one wallet stood out as it was responsible for the majority of tokens that were sent to the dead wallet.

The current upshoot in the Shiba Inu burn rate appears to be achieving the most coveted aim across the board.

The SHIB price is notably responding to the upshot in the burn rate by jumping 2.11% to $0.000007643, per to data from CoinMarketCap. This overnight jump in SHIB's price is also marked by an improving trading volume, which has seen a total of $84.18 million SHIB tokens traded on secondary marketplaces overnight.

Shiba Inu's Shibarium Hits Multi-Million Milestone in Record Time

Hanging onto Shibarium promise

As far as Shiba Inu is concerned, Shibarium is now the hallmark of its ecosystem, and trends surrounding that scaling protocol are essential in determining how key growth markers will respond in the long term. This fact remains the same for the Shiba Inu burn rate, as the higher the usage of the Shibarium protocol, the more tokens are available for burning.

Shibarium lead developer Shytoshi Kusama has also confirmed the development of the burn portal, a channel that can further contribute to the acceleration of the SHIB token circulating supply crunch.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.