The meme cryptocurrency Shiba Inu [SHIB] has become extremely popular this year. The network also raised its utilities, though initially, it was because of its rising prices.
The Shiba Inu [SHIB] network has been performing incredibly well lately. Meme coins are gaining popularity despite the growing acceptance of other cryptocurrencies.
Dogecoin is the undisputed king of meme coins, but Shiba Inu is giving DOGE a hard time. Shiba Inu anticipates rapid growth over the coming years as a result of numerous ongoing new projects.
Shiba Inu burn rates make a slow start
According to Crypt Eye, the overall number of Shiba Inu tokens sent to dead wallets by the end of last week was 272.2 million SHIB. This amount is equivalent to $3,520 when using the current token price of $0.000013.
By examining the graph for the past 30 days, we can see that the rate of SHIB burning has significantly slowed and has nearly plateaued since September’s start. For instance, last summer almost 13 billion SHIB were burned for a total of $154,507, and in August alone, 3.6 billion SHIB were sent to a “dead” address.
The outcome can be anticipated to be two or more times worse at the end of the month given the speed of September, where only a quarter of a million SHIB is burned in a quarter of a month.
Over 41% of the 1 quadrillion SHIB available to Shiba Inu have already been consumed by the four addresses where SHIB are sent for burning.
Burn rate spikes in the last 24 hours
SHIB burn rate has displayed a massive gain in the last 24 hours. According to Shibburn, there has been a 692.76% spike in the last 24 hours. in the last 24 hours, 64,848,839 SHIB has been sent to dead wallets. The majority of the burns came from a single transaction that burned 50 million SHIB 13 hours ago.
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