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With this new burn mechanism, Shibarium is expected to burn 70% of all base transaction fees collected on the network.
Key Notes
Shiba Inu deflationary metric, the burn rate is up 340%.Following this uptick, more than 11 million SHIB have been off circulation.The earlier launched ShibTorch is aiding this automatic burning.Dog-themed meme coin Shiba Inu SHIB $0.0000 24h volatility: 1.4% Market cap: $7.99 B Vol. 24h: $199.94 M experienced an unexpected rebound after its burn rate rose earlier today. Data from Shibburn, the wallet tracking service for Shiba Inu, showed that the burn rate has demonstrated a more than 340% increase over the past day.
SHIB Circulating Supply Sees Gradual Reduction
This is the largest burn the coin registered this week regarding actual token burnt. As a result of the burn, 11,080,178 SHIB were destroyed. This is a significant increase from the 2,516,677 SHIB incinerated by the SHIB community on Wednesday when this burn metric was dropped by 20%. Shibburn confirms that there have been a series of burn transactions so far.
HOURLY SHIB UPDATE$SHIB Price: $0.00001343 (1hr -0.20% ▼ | 24hr 0.00% ▼ )
Market Cap: $7,917,297,565 (0.02% ▲)
Total Supply: 589,271,244,598,022
TOKENS BURNT
Past 24Hrs: 11,080,178 (340.27% ▲)
Past 7 Days: 270,274,454 (-12.84% ▼)
— Shibburn (@shibburn) September 13, 2024
Of all these transfers, the largest features 10,007,448 SHIB, while the rest were worth much less than one million Shiba Inu tokens. The total burnt SHIB from the initial supply is now approximately 410.7 trillion. In addition to this feat, the price of the meme coin saw a significant surge. Shiba Inu was trading at $0.00001361, corresponding with a 4.36% increase in the last 24 hours.
Also, insight obtained from Shibariumscan data shows that the total count of daily transactions on the Shiba Inu Layer-2 blockchain Shibarium has mostly stayed the same. It has plunged further down from the 5,430 transfers recorded on September 11 and the 3,810 seen as of September 12.
ShibTorch Improves Shiba Inu Burn Rate
Both burn rate and transaction activity on Shibarium are functional metrics that depict the growth of the memecoin project.
Shibarium transactions directly impact the burn rate, as a portion of the gas fees, paid in BONE tokens, are converted to SHIB. These particular SHIB are later burned automatically. Notably, the automatic burn became possible after the introduction of the ShibTorch Portal.
With this new burn mechanism, Shibarium is expected to burn 70% of all base transaction fees collected on the network. So far, the tool has been useful to the SHIB ecosystem, recording several impressive burn activities in a short while. On one of those days following the launch of ShibTorch, the Shiba Inu burn rate surged by a staggering 1250%, with a total of 28,648,321 SHIB burned.
At the time, several market observers and analysts were optimistic that the SHIB burn rate could trigger a strong upside in Shiba Inu price. On August 30, the burn rate spiked by over 13,900% in under 24 hours. Consequently, 96,634,993 SHIB tokens were sent to dead wallets. Should the burn rate continue to increase, the SHIB meme coin may reach $0.001, as recently predicted by TradingView Analyst Krao.
With two more zeroes to lose before getting to this valuation, Krao is optimistic the coin has the fundamentals to trigger this growth. From enhanced Shibarium upgrades to the DAO Governance launch, SHIB is positioning for this potential rally.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
