'Dogecoin Killer' Shiba Inu's Burn Rate Explodes 30,000% After SHIB Introduces New Privacy-Focused Network

Shiba Inu SHIB/USD, often referred to as the ‘Dogecoin DOGE/USD killer‘ on Friday morning experienced an increase in its token burn rate, recording a 30,000% jump within the span of 24 hours.

What Happened: Data obtained from Shibburn, reveals that the 24-hour burn rate, resulting in 3,759,043 SHIB tokens being permanently removed from circulation by being sent to what are known as ‘dead wallets’. 

The total number of Shiba Inu tokens burned has reached an astonishing 410.7 trillion SHIB, leaving approximately 581.7 trillion SHIB tokens still in circulation.

Shiba Inu witnessed a rise of up to 25.12%, despite this, SHIB is currently trading lower at $0.00001305, marking a decrease of 5.58% within the last day.

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

Why It Matters: This comes as the Shiba Inu team on Thursday announced plans to roll out a new privacy-centric system built on the foundation of the Shibarium, a layer-2 blockchain. 

Launched last August, Shibarium was primarily designed to cater to financial services and gaming with minimal transaction fees. The network employs various tokens including BONE, TREAT, SHIB, and LEASH for distinct functions within its ecosystem.

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

 Price Action: At the time of writing, SHIB was trading at $0.000014, up 4.06% in the last 24 hours, according to Benzinga Pro.

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?