Over 1.5 trillion Shiba Inu (SHIB) tokens have been discarded in the last day as the project’s burn rate sees a massive increase.
New data from SHIB burning protocol Shibburn reveals that during the last 24 hours, the burn rate of the dog-themed meme asset has surged by over 30,000% as 1,500,141,145 SHIB have been rendered unusable.
Burning tokens is generally associated with deflating the price of a digital asset by reducing its supply. According to Shibburn, over 410 trillion Shiba Inu tokens have been discarded thus from its initial supply while its current circulating supply sits at around 573 trillion.
Recently, the Dogecoin (DOGE) competitor launched the testnet of Shibarium, its highly anticipated upcoming layer-2 scaling solution. The testnet, dubbed ‘Puppynet,’ has seen millions of transactions take place on it thus far though no specific launch date has been revealed for the mainnet’s release.
According to blockchain scanner Blockscout, over 3.2 million transactions have taken place over Puppynet since it launched last month, a threefold increase since the previously-reported figure of 1 million on March 31st.
Blockscout also finds that Puppynet’s average block time sits at 5.0 seconds while its gas fees come in at just 1.01 Gwei, which is less than a few pennies.
Shiba Inu is trading for $0.000011 at time of writing, a fractional dip during the last 24 hours.
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The post 1,500,141,145 Shiba Inu Evaporates in Just 24 Hours As SHIB Burn Rate Soars Over 30,000% appeared first on The Daily Hodl.
