'Dogecoin Killer' Shiba Inu Burn Rate Skyrockets Over 1800% As 27M SHIB Tokens Permanently Destroyed In A Single Day

Self-proclaimed ‘Dogecoin DOGE/USD killer' Shiba Inu SHIB/USD, has witnessed a 1,800% surge in its burn rate in the last 24 hours.

What Happened: Shibburn, a Shiba Inu burn rate tracker, revealed that over 27 million SHIB tokens were permanently from the actively traded supply. 

This decrease in active supply is attributed to an anonymous party who transferred 25 million SHIB tokens to a dead address, permanently taking them out of circulation.

This comes as Shiba Inu’s ecosystem is undergoing developments, including a new strategy aimed at accelerating the elimination of tokens. 

"Starting in January, the mechanism will evolve into an automated system on Puppynet for testing purposes. This phase will witness multiple upgrades to enhance efficiency and reliability. Then it will be brought to the Mainnet. The automated burn process will operate based on predefined rules, making it more efficient and transparent," a post on SHIB news read.

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

Why It Matters: The number of people using Shiba Inu is on the rise, with new wallet registrations increasing by 4.76%. The volume of actively used wallets also shot up by 28.36% based on a seven-day analysis by IntoTheBlock.

There has been a 79.25% growth in the number of addresses without any Shiba Inu holdings.

Last month, Shibarium developers unveiled a dual-component burning mechanism aimed at stepping up the pace of these burns. This mechanism utilizes BONE BONE/USD token fees collected within the network for manual burns.

Price Action: SHIB was trading at $0.0000095481, up 2.31% in the last 24 hours, according to Benzinga Pro.

Image via CryptoFX on Shutterstock

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