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A whopping 17,000% increase in the burn rate of #Shiba Inus; how much $SHIB was burned?
The burn monitoring website Shibburn has seen a significant increase in the past day, indicating that the Shiba Inu (SHIB) burn rate is once again on the rise. The price of SHIB has been making a respectable comeback as of late, so this is definitely good news.
In a tweet on X (formerly Twitter), Shibburn disclosed that during March 27 and 28, the burn rate of SHIB tokens increased by more than 17,000%, with 56 million tokens burnt. A single transaction within that time burned up 5.3 million SHIB tokens, which greatly contributed to this rise.
Hence, it's crucial to keep burning these SHIB tokens on a big scale. The burn rate of SHIB has remained unpredictable, with periods when the quantity of SHIB consumed is mostly unremarkable.
Also, the burn rate of SHIB has dropped over 49% in the last week, which goes to show how important it is to keep burning these crypto tokens.
Layer-2 network For a long-term boost to the SHIB burn rate, shibarium seems to be the way to go. Just so you know, in December 2023, more over 33.8 billion SHIB tokens were destroyed, and Shibarium was the only one responsible. Meanwhile, up to that point, May 2023 was the first month in which monthly SHIB burning exceeded 10 billion.
A lot of work is still going into making sure that network activity ramps up at Shibarium because of how important it is. The daily volume of transactions on Shibarium has dropped by an astounding 99% this month, according to Bitcoinist. The network has processed around 9,000 transactions in the last 24 hours as of this writing.
For a network that processed more than 7 million transactions a day in December of last year, it is definitely cause for worry. The Shiba Inu team was able to burn through billions of SHIB tokens that month, thanks in large part to the spike in network traffic.
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