Shiba Inu community continues to reduce the circulating supply of SHIB by burning tokens on a daily basis. The SHIB burn rate has surged by 111% in the last 24 hours. Meanwhile, Shibarium reached over 3.5 million transactions. Read more about the latest developments in Shiba Inu and its ecosystem below.
The Shiba Inu community continues to reduce the circulating supply of SHIB, burning almost 90 million tokens in the last 24 hours.
SHIB burn rate surges by 111%
According to Shibburn, a website that tracks the amount of SHIB tokens sent to dead-end wallets, the SHIB burn rate has increased by 111.35% in the last 24 hours, compared to Wednesday, when less than 40 million SHIB were burned.
Over this period, 84,187,048 SHIB were transferred to “inferno” wallets, reducing the circulating supply of the meme coin.
The website recorded nine burn transactions, with the two largest ones carrying 29,883,366 SHIB and 20,000,000 SHIB, respectively.
The burn rate has been on the rise this week, showing a 400% jump on Monday and a 208% jump on Tuesday.
The SHIB community has been actively burning tokens in an attempt to boost the price of the coin, which has been under pressure from the bearish market sentiment.
Shibarium reaches over 3.5 million transactions
Shibarium, the Layer-2 blockchain solution for Shiba Inu, has reached a significant new milestone in terms of total transaction count.
According to Shibariumscan, an explorer for the network, the number of transactions has surpassed 3.5 million as of today.
Shibarium is a collective blockchain that scales and invites solutions, innovation, and security to the decentralized finance space. It allows anyone to build a digital product, conduct peer-to-peer transactions, and access other basic capabilities.
The network also shows a high number of mined blocks (1,216,076) and linked wallets (1,254,787).
However, the number of daily transactions has dropped to a low of 9,760 compared to a recent surge of 33,000 three days ago. On Sept. 20, a peak of 43,850 transactions was registered.
The number of cumulative accounts on Shibarium has risen to 27,460 today, which is almost 2,500 growth within a week.
Shibarium demonstrates its utility and adoption as a Layer-2 blockchain for Shiba Inu and its ecosystem.
Conclusion
Shiba Inu community is striving hard to continue its efforts to reduce the circulating supply of SHIB by burning tokens on a daily basis.
The SHIB burn rate has surged by 111% in the last 24 hours, showing the dedication of the SHIB army.
Meanwhile, Shibarium, the Layer-2 blockchain of Shiba Inu, has reached over 3.5 million transactions, indicating its potential and growth as a scalable and innovative platform for decentralized applications.
