Benzinga - Shiba Inu (CRYPTO: SHIB) on Monday experienced a significant surge in burn rate, surpassing 300% over the past 24 hours.
What Happened: This surge followed the successful resolution of a glitch that had previously impacted the Shibarium layer-2 Ethereum (CRYPTO: ETH) Network.
Will Musk Embrace DOGE On X? Ask industry experts directly at Benzinga’s Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won’t just be a passive spectator. Don’t let this chance slip away – secure early bird discounted tickets now!
As of the current moment, a total of 181 million SHIB tokens have been burned, resulting in their permanent removal from circulation. Burning refers to the intentional and irreversible destruction of cryptocurrency tokens, typically done to reduce the total supply and potentially increase the value of the remaining tokens in circulation.
Data from the Shibarium scanner reveals a significant increase in activity in September, with 168,150 recorded in daily transactions. This surge marks a notable contrast to the platform’s previous peak transaction volume, which remained around 130,000.
See More: A Stay At The Floating Palace From James Bond's ‘Octopussy
Why It Matters: However, the locked value on Shibarium currently stands at a mere $742,000. In comparison, the total locked value across various blockchains in the crypto ecosystem amounts to approximately $37.51 billion, data by DeFillama shows.
Price Action: At the time of writing, SHIB was trading at $0.0000072, down 0.32% in the last 24 hours, according to Benzinga Pro.
Photo by Dennis Diatel on Shutterstock
Read Next: Bitcoin, Ethereum, Dogecoin Fall As Investors Await Key Inflation Numbers: Analyst Says King Crypto To Rally Above $100K After 2024 Halving
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.