- The SHIB burn rate surged by 137,000%, with over 105 million tokens removed from circulation.
- Shibarium’s upcoming upgrade will convert 70% of transaction fees into SHIB, reducing supply.
The price of Shiba Inu (SHIB) has been somewhat rising, but what stands out is the tremendous increase in the token’s burn rate.
According to a tweet from Shibburn, a SHIB burn tracker, the daily burn rate of this meme token has increased by a whopping 137,000%, with 105,981,775 tokens burned.
Over the last seven days, the burn rate has increased by more than 300%, indicating increasing interest in the token following a period of low or even zero burn rates, as we previously noted.
HOURLY SHIB UPDATE$SHIB Price: $0.00001397 (1hr 0.51% ▲ | 24hr 4.89% ▲ )
Market Cap: $8,229,541,217 (4.86% ▲)
Total Supply: 589,272,091,038,674TOKENS BURNT
Past 24Hrs: 105,981,775 (137411.87% ▲)
Past 7 Days: 114,775,953 (366.69% ▲)— Shibburn (@shibburn) August 9, 2024
Shiba Inu Community Pushes for Token Scarcity with New Burn Strategies and Shibarium Upgrades
Token burning has long been a popular strategy within the Shiba Inu community for increasing token scarcity by permanently removing a portion of the tokens from circulation.
Furthermore, CNF recently reported that a future upgrade to Shibarium will have a large burn mechanism that converts 70% of transaction fees into SHIB tokens, potentially reducing supply and increasing price.
The upgrade also intends to increase transaction speed, stability, security, and overall accessibility of the Shibarium network.
In another move, as we previously highlighted, the community has launched a petition demanding Binance to burn 1% of all SHIB token transactions on their platform each day. At the time of writing, the petition had 1,342 signatures, approaching the 1,500-signature goal, with 203 new signatures submitted this week alone.
Meanwhile, SHIB is trading at approximately $0.00001406, down 1.20% over the last 24 hours, pushing its market cap below $8.3 billion. The SHIB price drop coincides with the corrections that are currently happening in other major meme coins.
