The self-proclaimed Dogecoin (DOGE) killer – Shiba Inu (SHIB) – continues to see a massive number of tokens removed from its total circulating supply.
It witnessed a 947% surge in its burning rate over the past 24 hours.
The Latest Figures
According to data provided by Shibburn, the total number of SHIB tokens sent to a wallet that nobody can access in the last 24 hours is over 164 million. The latest burn rate represents an almost 1,000% increase compared to yesterday’s figures.
The team behind Shiba Inu has adopted a burning program (similar to some other cryptocurrency projects) in an attempt to reduce the coin’s circulating supply, thus potentially making SHIB more scarce and valuable in time. The asset has an overall supply of 999,992,188,828,143 tokens, with 41% of that amount already being destroyed.
CryptoPotatoreleased a special guide on how burning methods work in general. Those who wish to touch upon specifically on Shiba Inu’s mechanism could read our article here.
SHIB Stays Flat
Despite the considerable jump in Shiba Inu’s burning rate, the native token has failed to chart any gains. In fact, the memecoin’s price has been relatively flat in the past two weeks, while it is down 10% on a one-month basis (CoinGecko data).
Analysts and experts have argued that the coin might rally once mass adoption and additional Shibarium utilization are in place. It is worth mentioning that renowned companies, such as the Swiss luxury watchmaker Tag Heuer, have already embraced SHIB as a payment method. In addition, Texas residents were enabled to pay their solar panel bill in various digital assets, including the memecoin.
The layer-2 scaling solution Shibarium has also passed through several development stages. Not long ago, it surpassed the three million milestone in total transactions. Our media created a special video on the L2 blockchain solution for those interested to find out more:
