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Shiba Inu Burn Rate Jumps By 10,000% As Network Hits New Milestone

Jake Simmons - Bitcoinist
2023-02-08 12:33
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The price of Shiba Inu (SHIB) surged by 22% in the last seven days, outperforming the majority of the crypto market. And the positive news doesn’t stop before Shibarium is rumored to be scheduled to hit the market next week, February 14, Valentine’s Day.
The Shiba Inu Burn Tracker recorded a 10,129% increase in SHIB destroyed in the last 24 hours. More than 20.97 million SHIB were burned in five transactions in the last 24 hours, with 19.40 million coming from a single transaction accounting for the majority of the burn.
Since the previous day’s burn rate was very low at only 205,000 SHIB in two transactions, this represents a 10,129% increase in the last 24 hours. The reason for the supposedly gigantic increase is therefore rather unexciting, especially when one considers that there have been repeated days in recent months on which more than 20 million SHIB were burned.
Already on Monday, 22.3 million SHIB were destroyed forever in three transactions. On January 24, the Shiba burn reached its year-to-date high of more than 110 million SHIB in one day.
Nevertheless, the sender of yesterday’s large transaction is intriguing. The significant burn was conducted by Singapore-based cryptocurrency exchange Data from shows that the 2 wallet was responsible for the massive transaction that transferred the 19.40 million SHIB to the “dead” wallet.
As Bitcoinist reported, the speed of SHIB needs to be massively increased so that it doesn’t take forever to make significant progress. Otherwise, according to one estimate, it would take about 1,157,174 years for the total supply to be reduced to 100 billion tokens if the meme coin burns only 1 million tokens per day.

Shiba Inu Network Reaches A New Milestone

In other positive news, the entire Shiba Inu network has reached a major milestone. The total number of unique addresses containing assets in the network has increased to over 1.3 million. Over 25,000 new addresses have been added since the beginning of the year.
Already since the end of November, Shiba Inu has seen a steady increase in new addresses with assets greater than 0 SHIB. As of November 29, there were 1.249 million addresses. So the network has seen more than 50,000 new addresses in the last two months.
The hype also comes at a time when the network is seeing an elevated activity from large investors aka whales. As Bitcoinist reported, the network recorded the most whale transactions (over $100,000) since January 17. These movements are usually accompanied by a larger movement in price.
As of press time, the Shiba Inu price stood at $0.00001409, seeing a consolidation after the rapid rise in recent days.
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