Benzinga - Self-proclaimed ‘Dogecoin (CRYPTO: DOGE) killer' Shiba Inu (CRYPTO: SHIB) meme cryptocurrency has seen its burn rate — the rate at which coins are being permanently removed from circulation — skyrocket by a staggering 500% in the span of a single day.
What Happened: Data from Shibburn, a SHIB burn tracker shows over 83 million SHIB tokens have vanished from its supply, suggesting a sudden and deliberate effort by holders to reduce the coin’s supply.
SHIB burns data shows that an anonymous entity had incinerated 82 million SHIB tokens within the last half-hour.
This upsurge in token destruction coincides with burgeoning activity around Shibarium, Shiba Inu’s Layer-2 blockchain platform. Since its debut in August, Shibarium has played host to over 4.25 million transactions, despite the initial hype surrounding its launch dissipating amidst a slump in daily transaction volume.
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Why It Matters: The narrative took a positive turn when Shibarium L2 experienced an increase in traffic. On Nov. 21, 2023, the platform saw its daily transactions soar, doubling to nearly 35,000.
The journey to this point for Shibarium has not been without hiccups. Initially slated for a February 2023 release, the launch was postponed by the developer team to ensure the release of a flawless ecosystem, freed from bugs.
Price Action: At the time of writing, SHIB was trading at $0.0000082, down 1% in the last 24 hours, according to Benzinga Pro.
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