Shiba Inu Burn Rate Hits 26,000% in the Last Day, 1.4 Billion SHIB Destroyed in 24 Hours
On Saturday, the second-largest meme-based cryptocurrency shiba inu has seen a lot of tokens burned during the last 24 hours. According to statistics, the network’s burn rate has increased by 26,592% as 1.4 billion SHIB has been destroyed. Shiba Inu Burn Rate Increases Significantly
On February 22, a SHIB team member named “Archangel” revealedthat the project would have a decentralized exchange (dex) called Shibaswap 2.0 with a burn portal. The portal is meant to help bolster a deflationary supply and in mid-March, SHIB team members launcheda project defense team called Defense Breed.
The Defense Breed aims to enhance SHIB’s “communication and transparency” and “protect the ecosystem from any malicious projects or persons from trying to take advantage of the community.” Now the shiba inu (SHIB) supply is burning tokens at an extremely fast rate, much faster than the likes of Ethereum’s burn rate. Data from shibburn.com on Saturday, April 9, 2020, at 10:00 a.m. (ET).
Statistics from shibburn.comshow that 1.4 billion SHIB has been burned in the last day at a rate of 26,592%. On March 14, SHIB’s burn rate was 6,700%, or 745 million SHIB destroyed in a day. For some comparison, the Ethereum blockchain destroyed 4,098 ether during the last 24 hours. Ethereum’s 24-hour value burned is far more valuable at $13.2 million burned in the last day. SHIB’s 1.4 billion tokens burned, on the other hand, is only worth $34,554. Shiba Inu Team Member Says ‘Burning SHIB Is a Core Aspect of Our Ecosystem’
During the last five hours, three addresses alone burned 59,998,118 SHIB or $1,448 worth using today’s SHIB exchange rate. SHIB has not had the best week as the meme-token has lost 7.6% during the last seven days. Year-to-date, however, SHIB has gained a whopping 39,795% against the U.S. dollar. Data from shibburn.com on Saturday, April 9, 2020, at 10:00 a.m. (ET).
SHIB is the second-largest meme-based asset in terms of market capitalization as it hovers beneath dogecoin (DOGE). While DOGE has a $19.1 billion market cap, SHIB’s market valuation is around $13.2 billion, ranked number 15 among 13,617 cryptocurrency market caps.
According to SHIB’s project leaders, the Defense Breed will be in charge of screening partners, collaborations, and incoming projects. In the blog post concerning the Defense Breed, a SHIB team member dubbed “Trophias” explained the importance of the SHIB burn portal. “Burning SHIB is a core aspect of our ecosystem and we are always exploring new options to burn SHIB via utility,” Trophias said at the time. Tags in this story Altcoin Market, Altcoins, Archangel, Burn Portal, Burn Rate, Burn rate daily, Burning, daily burn, daily burn rate, Destroyed Tokens, DEX, Doge, dogecoin, Ethereum blockchain, Meme Coin, shib, SHIB blockchain, SHIB burn rate, SHIB project, SHIB team, shiba inu, Shibaswap 2, Trophias
What do you think about Shiba Inu’s burn rate spiking above 26,000% during the last 24 hours? Let us know what you think about this subject in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. China"s Central Bank Adds More Digital Yuan Pilot Cities ALTCOINS | 5 days ago Average Ethereum Gas Fee Jumps to $20 per Transfer, L2 Fees Follow Rise ALTCOINS | 6 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBiggest Movers: XMR Climbs to 4-Month High, NEAR Drops 10% Following Recent Gains Next articleThe Eerie Similarities of Today’s Great Monetary Shift and the Panic-Led Creation of the Federal Reserve System Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItUS Bond Markets Signal Economic Downturn, Trend Forecaster Says if War Ensues "Odds of Recession Increase"
As Americans continue to deal with rising inflation, on Tuesday the spread between 2-year and 10-year Treasury yields inverted, signaling the U.S. economy may be headed for a recession. This week, a myriad of financial reports have noted that the ... read more.NFT Marketplace Opensea to Add Credit Card, Apple Pay Support via Moonpay US Senator Cruz Introduces Bill to Prevent Federal Reserve From Using Digital Currency as Surveillance Tool Indian Government Consulting With IMF, World Bank on Crypto Policy Study: 10% Growth in Crypto Market Cap Reduces Value of African Firms by 0.76%