Shiba Inu Burn Rate Soars 35.87% in 24hrs, Community Efforts Pay Off

In a recent tweet, Shibburn, a prominent Shiba Inu burn tracker, provided the latest updates on the Shiba Inu cryptocurrency. According to their tweet, the hourly Shiba Inu price has seen a 0.57% increase, bringing its value to $0.00000739.

Over the past 24 hours, Shiba Inu has also experienced a 1.26% increase in its value, with the market cap now standing at $4,345,909,911, showing a 1.06% increase.

Meanwhile, one of the most significant highlights from the tweet is the token burn data, which indicates a substantial increase in tokens burnt. In the past 24 hours alone, a staggering 247,744,292 SHIB tokens have been burnt, reflecting a remarkable 35.87% increase compared to the previous day.

Over the past seven days, Shiba Inu’s token burn rate has surged even further, with 789,178,355 SHIB burnt, marking a remarkable 49.42% increase.

HOURLY SHIB UPDATE$SHIB Price: $0.00000739 (1hr 0.57% ▲ | 24hr 1.26% ▲ )
Market Cap: $4,345,909,911 (1.06% ▲)
Total Supply: 589,340,122,706,381

TOKENS BURNT
Past 24Hrs: 247,744,292 (35.87% ▲)
Past 7 Days: 789,178,355 (49.42% ▲)

— Shibburn (@shibburn) September 23, 2023

It is worth mentioning that the collaborative efforts within the Shiba Inu community aimed at reducing SHIB’s circulating supply have shown promising outcomes. A substantial 410,659,447,212,709 (410.65 trillion) SHIB tokens have been successfully burned over the past three years.

Despite this considerable burn, SHIB maintains a substantial circulation of 579,624,553,910,004 (579.62 trillion) tokens. It has become evident that the Shiba Inu community needs additional measures beyond regular burns to significantly reduce the cryptocurrency’s circulating supply.

To this, the Shiba Inu development team has designed the recently launched layer-two scaling solution, Shibarium, to burn SHIB tokens per transaction. Within the last five weeks of launch, Shibarium has accumulated just 0.512013000539 gas tokens worth $0.406398542879.

Shibburn has estimated that Shibarium needs 5,338,220,759,085,494 (over 5.3 quadrillion) transactions to reach $25k before burning Shiba Inu.

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