Shiba Inu Burn Rate Spikes Nearly 1400% In The Last 24 Hours

The SHIB Army maintains its commitment to burning SHIB.

The SHIB burn rate is up 1395.89% in the last 24 hours per data from Shibburn.com at the time of writing. 

The spike comes after the Shiba Inu community collectively sent 37.4 million SHIB to the burn wallet in the last 24 hours, as revealed in a tweet by Shibburn today.

In the past 24 hours, there have been a total of 37,400,646 $SHIB tokens burned and 12 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy

— Shibburn (@shibburn) January 9, 2023

While the total burn is not at the levels seen close to the end of last year and at the beginning of this year, it is a significant increase to the total burn of 2.5 million SHIB the day before.

In the past 24 hours, there have been a total of 2,500,224 $SHIB tokens burned and 2 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy

— Shibburn (@shibburn) January 8, 2023

Two transactions accounted for about 85% of the 37.4 million SHIB burn.

The first transaction saw 16.7 million SHIB sent to the burn wallet at 1:26 AM UTC. A check on Etherscan shows that the wallet no longer holds any SHIB but holds about 125 BONE.

The second transaction from a different wallet saw approximately 15 million SHIB sent to the burn wallet at 3:57 AM UTC. This address is left with only 0.01 SHIB per Etherscan data.

While some community members have recently voiced complaints about the rate of SHIB burns, it bears mentioning that it looks poised to surge when Shibarium launches. As reported on Saturday, the Layer 2 solution will burn SHIB with every transaction.

Though there is no set launch date, recent reports indicate that developers are close to rolling out the beta version of the protocol. Notably, they recently clarified that BONE is the only token users will use on the protocol for gas.

SHIB is currently experiencing a price rally with most of the crypto market. It is up 5.11% in the last 24 hours, trading for $0.000008854 at press time, with a 549 trillion SHIB circulating supply.