Shiba Inu community took over 13 million SHIB tokens out of circulation in the past 24 hours as the burn rate spiked by 1360%, data from shibburn showed.
Not long ago, the burn tracker handle shared an update on the latest figures of SHIB’s total supply as well as upcoming projects in the pipeline.
Further, it also mentioned some “exciting Web3 projects” that would be integrated with the revamped Shibburn site. These include a marketplace, wallet, and a few other surprises, powered by Shib tokens.
On the price front, the second-largest meme coin followed the broader market-wide bearish trend. SHIB is down by over 35% from its monthly high of 0.00001551.
At the time of writing, the 14th-ranked meme token is priced at $0.0000103, with a marginal drop over the past 24 hours and by more than 10% for the week.
Despite its dull price action, the popular memecoin has been drawing investors’ attention.
As reported by TronWeekly, Shiba Inu received a security ranking score of above 90, from Certik Audit, the top security-focused ranking platform.
SHIB scored 94.30 out of 100 and was ranked 72nd demonstrating the asset’s dependability and security.
The asset’s main source of attraction is its layer 2 scaling solution Shibarium which has recorded phenomenal growth ahead of its upcoming mainnet launch.
According to recent data highlighted by puppyscan, in the span of 24 hours, Shibarium’s Puppynet has continued its scintillating rise in the number of interacting wallet addresses.
The wallet count has crossed 14 million, now standing at 14,061,652.
Puppynet, an early beta version of the memetoken’s layer-2 network, Shibarium. On March 11, 2023, the beta testnet went live.
A few weeks after the launch, the Shibarium testnet recorded nearly 3 million transactions in 324,129 blocks with 5.0 seconds of block time.
On the other hand, the SHIB army is anticipating the burning of 500 billion SHIB per year.
Shiba Inu Fans Anticipate The Burning Of 500B SHIB Tokens
In a recent tweet, @ShibBPP and other community members expressed how thrilled they would be if Shibarium could burn at least 500 billion Shiba Inu tokens in a single year.
In earlier tweets, members reportedly raised the threshold to a trillion Shiba Inu tokens that were supposed to be burnt.
A percentage of the transaction fees paid in BONE governance tokens are now converted into Shiba Inu and given to dead wallets where they are then irrevocably destroyed. This process is done to eliminate money from the circulating supply.