Tuesday, April 23, 2024
HomeCryptocurrency1.4 Billion SHIB Burned in 24 hours as Shiba Inu Burn Rate...

1.4 Billion SHIB Burned in 24 hours as Shiba Inu Burn Rate Surges Over 26,000% within a Day

According to the data provided by Shibburn on Saturday, a record burn of Shiba Inu (SHIB) was initiated within 24 hours. As the data shows, the SHIB token’s burn rate surged by 26,592% as a total of 1.4 billion tokens were sent to dead wallets within 24 hours.

Massive Surge of Shiba Inu (SHIB) Burn Rate

On February 22, a SHIB team member named “Archangel” revealed that the project would have a decentralized exchange (DEX) called Shibaswap 2.0 with a burn portal. The portal is meant to help bolster a deflationary supply and in mid-March, SHIB team members launched a project defense team called Defense Breed.

Whale Alert

Read Also: How SHIB Burn Portal Could Destroy 111 Trillion Tokens Every Year –Shiba Inu Team Member Explains

The Defense Breed aims to enhance SHIB’s “communication and transparency” and “protect the ecosystem from any malicious projects or persons from trying to take advantage of the community.”

Now the Shiba Inu (SHIB) supply is burning tokens at an extremely fast rate, much faster than the likes of Ethereum’s burn rate.

Statistics from shibburn.com show that 1.4 billion SHIB has been burned in the last day at a rate of 26,592%. On March 14, SHIB’s burn rate was 6,700%, or 745 million SHIB destroyed in a day.

1.4 Billion SHIB Tokens Burned in 24 hours as Shiba Inu Burn Rate Surges Over 26,000% within a Day
Data from shibburn.com on Saturday, April 9, 2020

Read Also: Bigger Entertainment Founder Steven Cooper Finally Reveals Why He Abandoned Shiba Inu (SHIB)

For some comparison, the Ethereum blockchain destroyed 4,098 ether during the last 24 hours. Ethereum’s 24-hour value burned is far more valuable at $13.2 million burned in the last day. SHIB’s 1.4 billion tokens burned, on the other hand, is only worth $34,554.

<

Also, during the last five hours, three addresses alone burned 59,998,118 SHIB. Shiba Inu has not had the best week as the meme token has lost 7.6% during the last seven days.


Follow us on Twitter, Facebook, Telegram, and Google News

Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
RELATED ARTICLES

Latest News & Articles