The Shiba Inu burn rate has surged by an impressive 4,144% in the past week, driven by a significant burn transaction orchestrated by the Shibarium development team.
- The Shiba Inu burn rate has skyrocketed by 4,144% in the past seven days, fueled by a significant burn transaction conducted by the Shibarium development team.
- Shibarium, the layer-2 protocol of the Shiba Inu ecosystem, triggered its second native burn on Dec. 16, resulting in the incineration of billions of SHIB tokens.
- A surge in daily transactions on Shibarium, particularly from Nov. 30 onwards, led to increased gas fees.
- Despite the intense burn activity, Shiba Inu has demonstrated resilience in the market.
Shiba Inu Burn Rate Surges
The Shiba Inu (SHIB) burn rate has witnessed an extraordinary surge of 4,144% in the past seven days, driven by a substantial burn transaction executed by the Shibarium development team. This transaction, involving 8.6 billion SHIB tokens valued at $88,650, contributed significantly to the overall incineration of 8.35 billion SHIB within the week.
The Shibburn community, a Shiba Inu burn tracker, highlighted the pivotal role played by Shibarium in this surge. Shibarium, the layer-2 protocol of the Shiba Inu ecosystem, triggered its second native Shiba Inu burn surge on December 16, marking a crucial milestone.
This surge in burn activity is attributed to the remarkable increase in daily transactions on Shibarium, particularly observed from November 30 onwards.
Shiba Inu’s Market Resilience
Amidst the heightened burn activity, Shiba Inu has exhibited resilience in the market. The token regained the $0.000011 price level on December 16 after a brief bearish phase, and subsequently, SHIB surged to a nine-month high of $0.00001195 on December 17.
Shiba Inu (SHIB) burn rate spikes by an impressive 4,144%, as the memecoin holds above the $0.00001 supporthttps://t.co/H6GFoZL0GO— crypto.news (@itscrypto_news) December 21, 2023
This favorable market condition reflects the ongoing strength and positive sentiment surrounding Shiba Inu, despite the intensified burn campaign.
The remarkable surge in Shiba Inu’s burn rate, driven by Shibarium’s strategic burns and increased transaction activity, underscores the token’s ongoing vitality.
Despite this intense burn activity, Shiba Inu has proven resilient in the market, maintaining support above the crucial $0.00001 level and even experiencing a notable surge to a nine-month high.