The meme-inspired cryptocurrency Shiba Inn ($SHIB) has seen its weekly burn rate soar by over 95% to near 3 billion SHIB tokens amid a cryptocurrency market rally that has seen the token’s value rise by 64% over the last 30 days.
According to data from Shiba Inu burn rate tracker Shibburn a total of 2.98 billion SHIB tokens were burned over the last 7-day period, representing a 95.55% rise over the previous period, while the daily burn rate surged an astounding 2,540% as 68.1 million SHIB tokens were burned in a single day.
HOURLY SHIB UPDATE$SHIB Price: $0.00003187 (1hr 0.14% ▲ | 24hr 5.72% ▲ )Market Cap: $18,770,613,239 (5.81% ▲)Total Supply: 589,257,708,821,824TOKENS BURNTPast 24Hrs: 68,170,710 (2542.67% ▲)Past 7 Days: 2,985,633,942 (95.55% ▲)
— Shibburn (@shibburn) December 6, 2024
Since the meme-inspired cryptocurrency was launched, over 410.74 trillion tokens have been destroyed, from a total supply of 1 quadrillion, with most of the tokens being burned by Ethereum co-founder Vitalik Buterin after he was sent a large portion of SHIB’s supply.
Its burning mechanism is intended to reduce the overall supply of SHIB tokens, reducing supply and potentially leading to price rises if demand remains steady or rises. The strategy is multifaceted, encompassing both automated and manual burns.
The meme-inspired cryptocurrency’s layer-2 scaling solution, Shibarium, has meanwhile kept on growing since it was first launched. It has now processed over 614 million transactions and has over 1.99 million wallet addresses on it.
According to data from Shibariumscan, the network is processing around 4.76 million transactions per day with transaction fees being below $0.01 for users, and the average block time hovering at 5 seconds.
While the cryptocurrency’s price has been rising, prominent cryptocurrency analyst Bluntz Capital has recently suggested that SHIB is set to soon see a “God candle,” referring to a massive green price candle that could soon appear on the cryptocurrency’s price chart.
https://twitter.com/Bluntz_Capital/status/1864447250417832005
Per the analyst, retail investors may soon help the price of SHIB surged wjem “the meme bid comes back because it’s a Dino coin that they still have in their wallets from last cycle.” Dino coin, it’s worth noting, is a term used to refer to digital assets that were popular during BTC’s largest bull cycle in 2021.
Featured image via Unsplash.
