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Shiba Inu burn Small

Shiba Inu Burn Rate Records 11,600% Surge, But Is This Significant?

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Shiba Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Shiba Inu has been at the forefront of token burns in the crypto community as burn figures continue to ramp up each week. This has led to some significant daily spikes, with some even crossing into the tens of thousands percentile. The last week has been no different, as the burn rate witnessed an 11,600% surge.

Shiba Inu Weekly Burn Rate Surges 11,600%

As Shibburn, a website that tracks the burn figures for Shiba Inu, reported, the burn rate for the last week spiked a whopping 11,600%. This spike was a result of some high-value burns that took place over the last week, sending billions of tokens to the burn address.

Related Reading: Crypto Analyst Gives Timeline For Parabolic Breakout For XRP Price, Here’s When

The main burn transaction would come from the Shiba Inu team, which burned more than 9.3 billion SHIB tokens in one go. This burn is part of the ongoing manual SHIB burn being carried out by the team in an effort to reduce the total circulating supply.

Following the massive burn, the daily burn rate would spike more than 28,000% at the time. Putting it in the weekly perspective, it contributed to the 11,600% surge in burn rate that has been recorded over the last week.

HOURLY SHIB UPDATE$SHIB Price: $0.00000968 (1hr -0.12% ▼ | 24hr -2.11% ▼ )
Market Cap: $5,699,143,889 (-2.04% ▼)
Total Supply: 589,292,307,575,408

TOKENS BURNT
Past 24Hrs: 5,136,299 (0% ▲)
Past 7 Days: 9,414,244,268 (11618.56% ▲)

— Shibburn (@shibburn) January 15, 2024

According to Shibburn, a little over 9.4 billion tokens were burned in the seven-day period to give the 11,600% figure. However, in the grand scheme of things, how significant is this surge in burn rate?

Shiba inu price chart from Tradingview.com (SHIB burn rate)

SHIB price at $0.0000095 | Source: SHIBUSD on Tradingview.com

SHIB Burns Barely Making A Dent

Now, the Shiba Inu burn initiative has been in effect for more than a year, but despite tokens being burned almost every day since, it has barely made a dent in the circulating supply. To put this in perspective, the total circulating supply of SHIB sits above 581 trillion, and with mere millions or billions of tokens burned each day, the community still has a long way to go before it gets to a point where the burns can make any significant impact.

Related Reading: Crypto Expert Issues Warning To Dogecoin Community Regarding Bitcoin Spot ETFs

One initiative that could speed up this process, though, is the automated burns that are expected to be implemented on Shibarium. This is expected to automatically burn SHIB tokens using the fees generated on the network. Expectations are that this will help take trillions of SHIB tokens out of circulation. So, the community is eagerly awaiting this upgrade.

As for the last 24 hours, the SHIB burn rate has seen an impressive 2,034% increase. This is a result of 88.7 million tokens being burned in the last day.

Featured image from Analytics Insight, chart from Tradingview.com
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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