The burn rate of the meme-inspired cryptocurrency Shiba Inu ($SHIB) has recently surged after a project known as Akai Token ($AKAI) moved 804 million tokens to a dead wallet in a historic burning frenzy.
The AKAI project, according to recently unveiled data, has recently destroyed over $9000 worth of the meme-inspired cryptocurrency’s circulating supply, helping its burn rate surge over 8,900% in the past 24-hour period.
AKAI’s token burn came with an initial relatively small transaction of little over 310,000 SHIB tokens, and it was then followed by a whopping 800 million tokens that came across over 100 individual transactions on the network.
As outlined on Akai Token’s official site, the project introduces a 4% levy on all purchase and sale transactions of its native token, AKAI. This tax is then partitioned, with half, or 2%, dedicated to burning SHIB tokens, while the remaining 2% funds the project’s marketing endeavors.
This extraordinary burst of burning activity has catalyzed an astounding 8991.55% surge in the overall burn rate in the last 24 hours alone.
As CryptoGlobe reported, the meme-inspired cryptocurrency has been seeing significant growth over the last few months, to the point that data shows explosive growth of its daily new addresses on the network in the second quarter of the year.
According to popular cryptocurrency analytics firm IntoTheBlock, the meme-inspired cryptocurrency has seen a strong ending to the second quarter, with daily new addresses reaching over 4,000 on June 27, representing a staggering 357% growth when compared to the increase of 877 daily new addresses recorded on May 21.
Notably, the meme-inspired cryptocurrency has also seen a remarkable flurry of activity as the testnet for its layer-2 scaling solution Shibarium, Puppynet, reached a new transaction milestone of 25 million.
According to data from PuppyScan, a block explorer dedicated to the meme-inspired cryptocurrency’s network, the Shibarium testnet has now processed a total of 25.5 million transactions, with around 270,000 transactions being processed per day.
Shibarium represents a milestone for the Shiba Inu ecosystem, whose token is currently running on the Ethereum network which, despite being a highly safe and decentralized blockchain, has drawbacks when it comes to scalability and transaction throughput.
Featured image via Pixabay.