On Saturday, the second-largest meme-based cryptocurrency
shiba inu has seen a lot of tokens burned during the last 24 hours.
According to statistics, the network’s burn rate has increased by
26,592% as 1.4 billion SHIB has been destroyed.
Shiba Inu Burn Rate Increases Significantly
On February 22, a SHIB team member named “Archangel” revealed
that the project would have a decentralized exchange (dex) called
Shibaswap 2.0 with a burn portal. The portal is meant to help bolster a
deflationary supply and in mid-March, SHIB team members launched a project defense team called Defense Breed.
The Defense Breed aims to enhance
SHIB’s “communication and transparency” and “protect the ecosystem from
any malicious projects or persons from trying to take advantage of the
community.” Now the shiba inu (SHIB) supply is burning tokens at an extremely fast rate, much faster than the likes of Ethereum’s burn rate.
Statistics from shibburn.com
show that 1.4 billion SHIB has been burned in the last day at a rate of
26,592%. On March 14, SHIB’s burn rate was 6,700%, or 745 million SHIB
destroyed in a day. For some comparison, the Ethereum blockchain
destroyed 4,098 ether during the last 24 hours. Ethereum’s 24-hour value
burned is far more valuable at $13.2 million burned in the last day.
SHIB’s 1.4 billion tokens burned, on the other hand, is only worth
$34,554.
Shiba Inu Team Member Says ‘Burning SHIB Is a Core Aspect of Our Ecosystem’
During the last five hours, three addresses alone burned 59,998,118
SHIB or $1,448 worth using today’s SHIB exchange rate. SHIB has not had
the best week as the meme-token has lost 7.6% during the last seven
days. Year-to-date, however, SHIB has gained a whopping 39,795% against the U.S. dollar.
SHIB is the second-largest meme-based asset in terms of market capitalization as it hovers beneath dogecoin (DOGE). While DOGE has a $19.1 billion market cap, SHIB’s market valuation is around $13.2 billion, ranked number 15 among 13,617 cryptocurrency market caps.
According to SHIB’s project leaders, the Defense Breed will be in
charge of screening partners, collaborations, and incoming projects. In
the blog post concerning the Defense Breed, a SHIB team member dubbed
“Trophias” explained the importance of the SHIB burn portal. “Burning
SHIB is a core aspect of our ecosystem and we are always exploring new
options to burn SHIB via utility,” Trophias said at the time.
source ink : https://news.bitcoin.com/shiba-inu-burn-rate-hits-26000-in-the-last-day-1-4-billion-shib-destroyed-in-24-hours/
