Shiba Inu has seen its token burn rate jump 500% over the past 24 hours as millions more SHIBs are burned.
Last week, over half a billion SHIB tokens were burned across 88 transactions totaling $4,425, however, the weekly burn rate dropped 74%.
In the last 24 hours alone, nearly 136 million SHIB tokens were burned in just 11 transactions, accounting for the 500% daily burn rate spike.
While the weekly rate of SHIB tokens being burned decreased compared to previous weeks, the most recent daily data shows a major acceleration with hundreds of millions of tokens being removed from circulation. Despite periodic variations, the continuous burning helps restrict the supply of SHIB.
The large recent spikes in burned tokens point to renewed positive momentum for SHIB. Although weekly burn rates dropped, the massive 500% daily jump shows considerable volumes continue to be burned at a faster pace in the near future.
In short, despite slower weekly figures, the latest daily burn activity signals that SHIB volumes are being removed from circulation at an accelerated pace. This renewed momentum is shown by the 500% daily surge, even as weekly rates fell. Ongoing burns remain important for constraining supply amidst fluctuations.
Currently, SHIB is trading slightly lower, down 0.90% over the past 24 hours to $0.0000078. The token has dropped 3.64% in the last 7 days. Last week saw the successful launch of Shibarium, Shiba Inu’s new Layer 2 blockchain, which has already attracted over 1 million interacting wallets indicating growing utility and adoption.
In summary, SHIB has seen a minor 0.90% price decrease in the last day but remains down almost 4% in the past week, despite positivity around the well-received release of the Shibarium Layer 2 network which continues gaining users based on wallet activity. The token faces short-term pressure but Shibarium represents a long-term catalyst.
