Benzinga - The latest data from Shiba Inu (CRYPTO: SHIB) burn tracker Shibburn reveals that the burn rate of the meme coin has shot up to more than 56,965%.
More than 1.6 billion Shiba Inu are no longer in circulation after the meme coin's burn rate skyrocketed in the past 24 hours.
Data shows SHIB's circulating supply is around 574.1 trillion tokens, while the latest burn brings the total number of SHIB tokens discarded from its initial supply to more than 410.6 trillion.
Meanwhile, SHIB's much-hyped new layer-2 scaling solution, Shibarium, has now seen over a million transactions over Puppynet, Shibarium's testnet.
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According to BlockScout, close to 1,076,331 transactions have taken place over Shibarium's testnet since it launched in its beta form in April.
At the time of writing, SHIB was trading at $0.000009532, down by 8% over the last seven days.
Last month, SHIB's lead developer Shytoshi Kusama shared his thoughts on the relationship between Shiba Inu's price and burns. In response to a comment on the Shiba Inu Telegram, Kusama said the price of Shiba Inu cannot be influenced solely by burns and argued that new technologies and utilities must be introduced to "solidify our dominance," the Cryptglobe reported.
Last month, a massive SHIB whale expanded their portfolio to nearly 5 trillion tokens after adding 171.68 billion SHIB for about $1.88 million.
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