Saw the burn rate of the Shiba Inu (Shiba), which is an important growth metric. More than 57,000% in the past 24 hours, indicating a major push to strengthen its deflationary position.
Shiba Inu records the highest monthly burning rate
According to Shebaburn, a coin burn tracker, a burn rate of 57,262.74% was observed. This means that 396,286,654 sheep were burned within 24 hours. This burn rate is one of the highest that altcoins have seen in the past few weeks. On April 14, the Shiba Inu saw a huge spike in its burn rate metrics. Which contributed to consolidating its deflationary position.
The recorded burn rate of 25,035.22% at the time ranked as the largest burn transaction the protocol had seen in a long time. Exactly one week later. The Shiba Inu ecosystem experiences a higher burning rate. This demonstrates the community's commitment to the contractionary push of the protocol.
The total circulating supply of Chiba tokens is approximately 589.27 trillion. With the latest burn, the total tokens burned from the supply now stands at 410.27 trillion shekels.
As of April 20, Shiba Inu has recorded a weekly burn of 714 million coins. The burning of 650 million Sheba on April 14 contributed significantly to the high weekly burn rate.
