'Dogecoin Killer' Shiba Inu Burn Rate Spikes 40,000% As Shibarium Reaches 30M In Transactions

Self-proclaimed ‘Dogecoin DOGE/USD killer' Shiba Inu SHIB/USD meme cryptocurrency has seen its burn rate—that is, the rate at which coins are being permanently removed from circulation—skyrocket by a staggering 40,000% in a single day. 

What Happened: According to data from Shibburn, a SHIB burn tracker, over 8 billion SHIB tokens have disappeared from its supply. SHIB burn data reveals that an unidentified entity has destroyed 8.2 billion SHIB tokens in a mere 9-hour span. 

This increase in token incineration coincides with the crossing of a new milestone in the development of Shiba Inu’s Layer-2 blockchain Shibarium, as total transactions on the L2 have now surpassed 30 million.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: The journey to this point for Shibarium has not been without hiccups. Initially slated for a February 2023 release, the developer team delayed the launch to ensure the release of a flawless ecosystem free from bugs. 

Price Action: At the time of writing, SHIB was trading at $$0.0000090, up 1% in the last 24 hours, according to Benzinga Pro.

Image via CryptoFX on Shutterstock

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