• 1 Tokens can be burned by transferring them to blockchain wallets that no one can access, lowering their available supply.
• 2 The address “0xcf6” has been crucial in the transactions that resulted in this surge, burning almost 252.8 million SHIB tokens.

The Shiba Inu community, known as the SHIBArmy, has experienced a significant increase in burn rate, with over 341 million tokens burned in the last day alone.

Shiba Inu Community Burns Over 341 Million Tokens

The popular meme-inspired cryptocurrency Shiba Inu ($SHIB) has seen a sharp increase in burn rate, with over 341 million tokens burned in the last day alone, resulting in a startling 6,936% increase in burn rate.

The Shiba Inu community, often known as the SHIBArmy, has worked hard to support the development of the cryptocurrency inspired by memes. Tokens can be burned by transferring them to blockchain wallets that no one can access, lowering their available supply.

The address “0xcf6” has been crucial in the transactions that have resulted in this surge, burning almost 252.8 million SHIB tokens. According to blockchain data, the 341 million tokens that were burnt in total were transmitted to dead wallets through five different transactions.

The 377 million SHIB tokens that were destroyed the week before are roughly equal to the number of tokens burned on the last day. Given the fundamentals of supply and demand in economics, this substantial decrease in the number of SHIB tokens in circulation could result in an increase in the token value of SHIB amid a demand increase.

Over a trillion of the cryptocurrency’s tokens were effectively brought out of the red and back into profitability earlier this month when it staged a spectacular surge that outperformed most other digital assets.

The spike, which has increased by an amazing 17.4% in just the last week, enabled an astounding 18.58 Trillion SHIB tokens to become profitable. The on-chain analytics company IntoTheBlock currently considers a significant 40.9% of all Shiba Inu coins in circulation to be “in the money” as a result of this development.

The digital token’s resilience in the face of recent regulatory obstacles speaks volumes about the potential and growing trust in this meme coin. Despite the market’s volatility, cryptocurrencies have developed a devoted following of supporters who are optimistic about their long-term prospects and fight to support them through token burns and their own layer-2 network, Shibarium.

As previously mentioned, the layer-2 Shibarium native test network of the Shiba Inu, known as Puppynet, has amassed a remarkable total of more than 20 million transactions, coming from an estimated 16 million wallets. This significant accomplishment reflects the network’s consistent progress toward a wider rollout planned for the upcoming months.

Shibarium is a turning point for the Shiba Inu ecosystem, whose coin is currently supported by the Ethereum network, which has limitations in terms of scalability and transaction throughput while being a highly secure and decentralized blockchain.

Nancy J. Allen

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.