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On Saturday, the second-largest meme-based cryptocurrency shiba inu has seen a lot of tokens burned during the last 24 hours. According to statistics, the networkâs burn rate has increased by 26,592% as 1.4 billion SHIB has been destroyed.
Shiba Inu Burn Rate Increases Significantly
On February 22, a SHIB team member named âArchangelâ revealed that the project would have a decentralized exchange (dex) called Shibaswap 2.0 with a burn portal. The portal is meant to help bolster a deflationary supply and in mid-March, SHIB team members launched a project defense team called Defense Breed.
The Defense Breed aims to enhance SHIBâs âcommunication and transparencyâ and âprotect the ecosystem from any malicious projects or persons from trying to take advantage of the community.â Now the shiba inu (SHIB) supply is burning tokens at an extremely fast rate, much faster than the likes of Ethereumâs burn rate.
Statistics from shibburn.com show that 1.4 billion SHIB has been burned in the last day at a rate of 26,592%. On March 14, SHIBâs burn rate was 6,700%, or 745 million SHIB destroyed in a day. For some comparison, the Ethereum blockchain destroyed 4,098 ether during the last 24 hours. Ethereumâs 24-hour value burned is far more valuable at $13.2 million burned in the last day. SHIBâs 1.4 billion tokens burned, on the other hand, is only worth $34,554.
Shiba Inu Team Member Says âBurning SHIB Is a Core Aspect of Our Ecosystemâ
During the last five hours, three addresses alone burned 59,998,118 SHIB or $1,448 worth using todayâs SHIB exchange rate. SHIB has not had the best week as the meme-token has lost 7.6% during the last seven days. Year-to-date, however, SHIB has gained a whopping 39,795% against the U.S. dollar.
SHIB is the second-largest meme-based asset in terms of market capitalization as it hovers beneath dogecoin (DOGE). While DOGE has a $19.1 billion market cap, SHIBâs market valuation is around $13.2 billion, ranked number 15 among 13,617 cryptocurrency market caps.
According to SHIBâs project leaders, the Defense Breed will be in charge of screening partners, collaborations, and incoming projects. In the blog post concerning the Defense Breed, a SHIB team member dubbed âTrophiasâ explained the importance of the SHIB burn portal. âBurning SHIB is a core aspect of our ecosystem and we are always exploring new options to burn SHIB via utility,â Trophias said at the time.
What do you think about Shiba Inuâs burn rate spiking above 26,000% during the last 24 hours? Let us know what you think about this subject in the comments section below.
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