Revival in SHIB Burn Rate
In a reversal from the previous trend of staying heavily in the red, the burn rate of Shiba Inu (SHIB) has seen a dramatic increase, as revealed by data from the Shibburn explorer. Accompanying this, the price of the second largest meme coin also exhibited a minor upturn overnight.
Information obtained from the Shibburn website unveils that in the last 24 hours, the Shiba Inu community has successfully eliminated 50,258,924 SHIB in total, equivalent to a modest $378. Four burn transactions have taken place, with the two largest ones channeling 27,502,303 SHIB and 12,034,353 SHIB respectively into dead-end wallets. Over the last seven days, the community has burnt a total of 638,400,947 SHIB, which is over 37% fewer destroyed tokens compared to the previous week.
Burns are now a common practice in the cryptocurrency realm. It involves the community and developers regularly or occasionally sending coins to wallets where the cryptocurrency can no longer be spent or withdrawn. The long-term goal of this strategy is to slowly decrease the circulating supply of coins (in this case, SHIB) to increase its scarcity and, potentially, to boost its price.
Shibarium Marks New Milestones, SHIB Price Rebounds
Per Puppyscan data, the Shibarium testnet known as Puppynet has seen an upsurge in both the number of executed transactions and the number of linked wallet addresses.
In recent days, Shibarium beta has experienced a substantial increase in transaction count. Earlier reports indicated that it had added around a million transactions in just two days, reaching a total of 25 million.
Presently, the transaction count has spiked by several hundred thousand units to reach a total of 25,665,558. The number of wallets linked to Puppynet has also significantly risen, hitting the milestone of 17 million. Currently, 17,005,447 wallets are connected to Shibarium.
This development, alongside other factors, has spurred a price rally for SHIB. According to data from CoinMarketCap, the popular dog-themed meme coin grew by 3.21% in the last 24 hours. At the time of this report, SHIB is trading at $0.000007516.
