Shiba Inu (SHIB) burn rate surges 850% within 24 hours
Following the official release of the Ethereum Layer-2 scaling network Shibarium, the burn rate of the Shiba Inu token surged rapidly.
Shiba Inu is a popular meme token. In 2021, this token grabbed huge popularity, following a tweet by Tesla CEO Elon Musk. In the present time, the crypto ecosystem of the Shiba Inu token is very big, where we can see the native network “Shibarium blockchain” and the Metaverse project Shiberse.
According to the information available on Shibburn.com, the burn rate of the Shiba Inu token surged by nearly 823% within 24 hours.
In the last 24 hours, a total of 77,423,226 SHIB has been burned with the help of the Shiba Inu community.
According to reports, the Shiba token burn rate surged because of the utilisation of the Shiba Inu token, as the Shibarium mainnet blockchain re-launched.
Shiba Token burn
Crypto token burn is a technique to reduce the net supply of any token so that the trade price of that token can achieve more price stability as well as price increment.
In the present time, huge numbers of people are supporting Shiba inu token burn via sending the Shib tokens to burn addresses, unrecoverable fund address.
Shiba token was launched with an initial 1 quadrillion supply and so far more than 400 trillion supply has been reduced from circulation.
Shiba Inu price action
The current trade price of Shiba inu token is $0.00000766 & this trade price is 1.7% higher over the last 24 hours.
Shibarium blockchain
On 16 Aug 2023, the mainnet of the Shibarium mainnet launched successfully, following several months of testing procedure.
The design of the Shibarium blockchain is based on the proof-of-participation (PoP) consensus which helps this network to cut the computational cost of proof-of-work schemes.
Shibarium aimed to provide highly efficient & fast transactions for the Ethereum network, via playing the role of Ethereum layer-2 scaling network.
Read also: Visa will use the Solana network to process USDC transactions globally
