Shiba Inu's Burn Rate Soars 459.57% In 24 Hours: What To Know
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Shiba Inu Burn Rate Skyrockets By 459.57% In 24 Hours

Shiba Inu, the popular meme coin, witnessed an astonishing 459.57% surge in its burn rate within the last 24 hours. Over 146 million SHIB tokens were purposely withdrawn from circulation by being sent to dead wallets through a joint effort by the token’s community and development team.

Data provided by the Shiba Inu burn tracker Shibburn showed that five wallet addresses participated in this burn effort, with one wallet notably sending 100 million SHIB tokens in a single transaction to dead wallets. Another wallet burned over 30 million tokens during the same period, contributing to the significant rise in the burn rate.

The primary objective behind this burn exercise is to reduce the token’s circulating supply and drive its price. So far, these burn efforts have caused the removal of 410 trillion SHIB tokens from circulation, indicating a substantial commitment to diminishing the available supply.

Robinhood Boosts Shiba Inu Portfolio With 15 Billion SHIB Tokens

Meanwhile, Robinhood, the electronic trading platform, has expanded its SHIB portfolio. Per a prominent member of the SHIB community, Robinhood recently acquired an additional 15 billion SHIB tokens, bringing their total holdings to 37.066 trillion SHIB tokens.

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Thus, SHIB is the third-largest token by market value in Robinhood’s portfolio, with a current total worth of $333.59 million. However, these developments haven’t impacted SHIB’s price positively.

The price of the popular memecoin is down 5.67% in the last 24 hours and 11.46% in the last seven days, trading at $0.000008567 per current Coinmarketcap data. The dynamics of the Shiba Inu ecosystem remain intriguing as enthusiasts monitor the impact of these developments on the coin’s value.

Shibarium Surpasses 300 Million Transactions, Shiba Inu Community Celebrates

Moreover, Shiba Inu’s blockchain, Shibarium, recently surpassed 300 million transactions, a remarkable milestone in its short existence. This accomplishment comes five months after the Shibarium team introduced this Layer-2 (L2) scaling solution on the mainnet.

Consequently, the Shiba Inu community, known as the SHIBARMY, celebrated this achievement. In a tweet, the Shiba Inu ecosystem team thanked the SHIBARMY for propelling Shibarium’s transaction volume to new heights.

The team is confident of the continuous growth of Shibarium’s transaction volume. This new milestone is remarkable, given that Shibarium only processed 100 million transactions less than a month ago.

After reaching the 100 million transaction milestone, the team referred to it as a “moonstone,” underlining its vision for the scaling solution. Shibarium’s total transaction volume is approximately 303.92 million at the time of writing.

The Layer-2 network has recorded 1,343,571 addresses and 2,787,252 minted blocks. These numbers showcase the rapid growth and adoption of Shibarium since its launch.

Shibarium’s Daily Transactions Dip

Meanwhile, Shibarium’s daily transaction count has decreased in recent times. Even though it consistently processed over 7 million transactions daily for several weeks, the latest data indicates a significant drop, with only 2.69 million transactions in the past day.

This decline aligns with the broader trend in the crypto market, where various protocols have experienced reduced activities due to heightened market volatility. Regardless, the Shiba Inu team remains optimistic about Shibarium’s future, with their confidence rooted in strong community support.

Interestingly, recent reports revealed that an Ethereum whale recently purchased 606.3 billion SHIB, valued at approximately $5.9 million at current market rates. This move indicates that strategic investors are finding opportunities to capitalize on these market conditions.

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George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.

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