Shiba Inu Burn Rate Spikes After A Few Stagnant Days

After a few days of stagnation, the Shiba Inu community seems to have picked up its token-burning mechanism.

A report from Shiba Inu’s token burn aggregator, Shibburn, indicates that the SHIB Army has significantly raised the burning rates within the past 24 hours. The data showed that the community destroyed 50.18 million SHIB tokens in 24 hours.

The SHIB burn rate surged 8,627% over the past 24 hours compared to the previous day. The burning process was completed through two transfers: the burn of 39,511,911 and 10,676,779 SHIB tokens.

Cumulatively, the community moved about 3.09 billion SHIB tokens to the dead wallet within the past week. As of Saturday, May 20, the Shiba Inu burn rate for the week showed a surge of 666% for the past week.

Further, the Shiburn website shows the Shiba Inu community collectively destroyed 410,642,087,431,967 SHIB tokens. Currently, the meme coin has about 574,308,140,003,340 SHIB coins as its total circulating supply.

The layer 2 solution network of Shiba Inu, Shibarium, has made tremendous progress while still in the beta-test phase. The Shiba Inu team, under the leadership of the pseudonymous Shytoshi Kusama, disclosed the SHIB burning mechanism on Shibarium.

According to details, fees for all transactions completed on Shibarium are paid in BONE. The basic fees for all transactions are locked on a contract on the network, while the validators will get priority fees.

The network will set aside a total of 30% of the fees for maintenance purposes. However, it will burn the remaining 70% of the fees. 

A Twitter user, SHIB INFORMER, shared a screenshot of Sharium’s interface of the network’s token burning mechanism.

Users can initiate a burning process if the locked BONE exceeds 10 BONE. The network will automatically convert the locked tokens to SHIB coins and transfer them to the protocol’s dead wallet.

At the time of writing, Shiba Inu is trading at $0.00000890, indicating an increase of 1.46% over the past 24 hours.

The value of SHIB saw a slight gain over the weekend after it fell from $0.00000873 to $0.00000871 on May 19. The meme coin has been trying to sustain its hold throughout the bearish wave on Sunday.

Following Shiba Inu’s price gain during the weekend, data from analytics firm, IntoTheBlock revealed that more SHIB whales amassed the token. 

According to the data, investors grabbed over 26.2 trillion SHIB tokens over the past weeks. Also, some whales sold their Shiba Inu holdings, with a cumulative value of 300 billion SHIB coins disposed of.

-Featured image from Pexels and chart from Tradingview.com