By Bitcoinist - 3 months ago - Reading Time: 2 minutes
Shiba Inu Burn Rate Records 11,600% Surge, But Is This Significant?
Shiba Inu has been at the forefront of token burns in the crypto community as burn figures continue to ramp up each week. This has led to some significant daily spikes, with some even crossing into the tens of thousands percentile. The last week has been no different, as the burn rate witnessed an 11,600% surge.
Shiba Inu Weekly Burn Rate Surges 11,600%
As Shibburn, a website that tracks the burn figures for Shiba Inu, reported, the burn rate for the last week spiked a whopping 11,600%. This spike was a result of some high-value burns that took place over the last week, sending billions of tokens to the burn address.
The main burn transaction would come from the Shiba Inu team, which burned more than 9.3 billion SHIB tokens in one go. This burn is part of the ongoing manual SHIB burn being carried out by the team in an effort to reduce the total circulating supply.
Following the massive burn, the daily burn rate would spike more than 28,000% at the time. Putting it in the weekly perspective, it contributed to the 11,600% surge in burn rate that has been recorded over the last week.
HOURLY SHIB UPDATE$SHIB Price: $0.00000968 (1hr -0.12% ▼ | 24hr -2.11% ▼ ) Market Cap: $5,699,143,889 (-2.04% ▼) Total Supply: 589,292,307,575,408
TOKENS BURNT Past 24Hrs: 5,136,299 (0% ▲) Past 7 Days: 9,414,244,268 (11618.56% ▲)
— Shibburn (@shibburn) January 15, 2024
According to Shibburn, a little over 9.4 billion tokens were burned in the seven-day period to give the 11,600% figure. However, in the grand scheme of things, how significant is this surge in burn rate?
SHIB Burns Barely Making A Dent
Now, the Shiba Inu burn initiative has been in effect for more than a year, but despite tokens being burned almost every day since, it has barely made a dent in the circulating supply. To put this in perspective, the total circulating supply of SHIB sits above 581 trillion, and with mere millions or billions of tokens burned each day, the community still has a long way to go before it gets to a point where the burns can make any significant impact.
One initiative that could speed up this process, though, is the automated burns that are expected to be implemented on Shibarium. This is expected to automatically burn SHIB tokens using the fees generated on the network. Expectations are that this will help take trillions of SHIB tokens out of circulation. So, the community is eagerly awaiting this upgrade.
As for the last 24 hours, the SHIB burn rate has seen an impressive 2,034% increase. This is a result of 88.7 million tokens being burned in the last day.
Original source: Bitcoinist