Shiba Inu Burn Rate Surges Over 110% With 86M Tokens Removed From Circulation — Can $10 Make You A SHIB Millionaire Today?

Following a bumpy start, Shiba Inu’s SHIB/USD layer-two protocol, Shibarium, has made a comeback. 

What Happened: After encountering a glitch during the beta version launch, developers took action to rectify the issue.

Lead Developer Shytoshi Kusama on Monday said that the Shibarium network was fully operational again, leading to a significant increase in addresses and transactions.

Data from the network’s explorer reveals a rise in the number of addresses on Shibarium, jumping from 100,000 on August 24 to over 584,969 total transactions.

The burn rate for Shiba Inu tokens has surged by over 110% in the past 24 hours, resulting in the permanent removal of 86 million SHIB from circulation, data from Shibburn, a Shiba Inu burn tracker shows.

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Why It Matters: With SHIB currently trading at $0.0000082, this means that $8.15 worth of SHIB can potentially turn an investor into a Shiba Inu millionaire with 1,000,000 SHIB coins.

Additionally, Whalestats data indicates that SHIB has become the most traded token in the past 24 hours.

Photo by Dennis Diatel on Shutterstock

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