'Dogecoin Killer' Shiba Inu Burn Rate Skyrockets 10,000% Thanks To This Good Samaritan

‘Dogecoin Killer’ Shiba Inu Burn Rate Skyrockets 10,000% Thanks To This Good Samaritan

28 November 2023

in SHIBA

Reading Time: 3 mins read

November 27, 2023 11:08 PM | 1 min read

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Self-proclaimed ‘Dogecoin (CRYPTO: DOGE) killer’ Shiba Inu (CRYPTO: SHIB) saw over 10,000% increase in burn rate as 291 million SHIB tokens were permanently removed from circulation in the last 24 hours.

What Happened: Data from Shibburn, a Shiba Inu data tracker shows an extraordinary burn event where 291,438,510 SHIB tokens were permanently removed from circulation in 13 different transactions.

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Among these, a notable act of crypto philanthropy occurred when an individual, lauded by the SHIB community, destroyed 261,408,966 tokens in one swoop.

[crypto-donation-box]

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: As of now, Shibarium’s Layer-2 has incorporated over 1.2 million crypto wallets, with the ShibariumScan.io blockchain explorer revealing a total of 4.2 million transactions executed.

Furthermore, while the average block creation time has risen from five to 8.3 seconds, there have been 1.83 million blocks mined on the chain.

The total value locked (TVL) on the network has witnessed a decline, falling from the initial $1.44 million shortly after launch to a current figure of $686,485.

Price Action: At the time of writing, SHIB was trading at $0.0000081, down 1.10% in the last 24 hours according to Benzinga Pro.

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?