SHIB Burn Rate Explodes to 100% a Day After Shiba Inu Reached a Major Milestone

TL;DR

• Shiba Inu’s burn rate jumped 100%, with 46 million SHIB removed, making over 41% of its supply burned.
• Shibarium achieved one million blocks and gained 1.25 million wallet addresses in less than two months.
• SHIB’s price has dropped 5% in the past week despite these advancements.

The Latest Burn

The popular memecoin Shiba Inu continues to witness a significant number of assets removed from its total circulating supply. According to the latest data, the burning rate surged by approximately 92% in the past 24 hours, with over 46 million SHIB sent to an address that nobody could access.

The token has a tremendous supply – 999,992,188,828,143, with more than 41% of that amount already destroyed. Shiba Inu has adopted a burning mechanism (similar to other cryptocurrencies such as Binance Coin) in an attempt to make SHIB more scarce and potentially valuable in time. 

Those willing to learn how the process works in general could read our guide, while the specifics of Shiba Inu’s burning program can be found in this dedicated article.

Burning Goes up a Day After Shibarium’s Achievement

Earlier this week, Shiba Inu’s layer-2 scaling solution – Shibarium – reached the milestone of one million blocks. The network’s advancement has been going with good temps, amassing over 1.25 million wallet addresses in less than two months after its launch. Readers can learn more about the network’s specifics and purposes in the video below:

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Numerous experts have recently claimed that further development of Shibarium and the successful execution of Shiba Inu’s burning program could be bullish factors for SHIB’s price. However, the memecoin has been on a downhill lately, down over 5% for the past week.