The burn rate of the popular meme-inspired cryptocurrency Shiba Inu ($SHIB) has recently surged by over 320% over a single 24-hour period after over 130 million SHIB tokens were sent to dead wallets and effectively removed from the circulating supply.
According to data from burn tracking platform Shibburn, these burns occurred in a total of 10 transactions, with a major transaction seemingly burning a total of 100 million SHIB tokens to help the burn rate surge.
The rising burn rates comes at a time in which the Shiba Inu ecosystem’s layer-2 scaling solution, Shibarium, is seeing its transaction levels hit a new all-time high just a brief period after the network was reactivated. The new high also comes at a time in which the market capitalization of SHIB dropped by around $2 billion.
According to data from Shibarium network explorer Shibariumscan, the Shibarium network has seen its transactions surpass the two million mark earlier this month to now stand at 2.99 million, with the average number of daily transactions now being close to the 200,000 mark.
Shibarium’s network, according to the explorer, has also processed over 740,000 blocks so far, and over 1.25 million wallet addresses have so far been created. The network, according to the marketing strategist for the Shiba Inu ecosystem LucieSHIB, offers more favorable BONE rewards than ShibaSwap, the decentralized exchange (DEX) built on the Ethereum network.
Diving deeper into Shiba Inu’s ecosystem, recent metrics from Shibariumscan reveal an astonishing 633% jump in new verified contracts within this week alone.
The Shiba Inu ecosystem’s main token, SHIB, is a community-driven, decentralized currency that runs on the Ethereum blockchain and was launched in late 2020. It has become a global phenomenon and can be used as a payment method in various places, either directly or through third-party services.
BONE is another token in the ecosystem, which has a limited supply of 250 million. BONE allows the Shib Army to have a say in the future of the project by voting on proposals through the Doggy decentralized autonomous organization. BONE also functions as the main native asset on the Shibarium network, which is a blockchain platform developed by the Shiba Inu team.
The ecosystem also includes LEASH, a token with a limited supply of 107,646 that offers exclusive benefits to dedicated supporters of the ecosystem.
Featured image via Pixabay.