{"id":3349,"date":"2024-01-17T07:12:03","date_gmt":"2024-01-17T07:12:03","guid":{"rendered":"https:\/\/cryptobulls.biz\/blog\/?p=3349"},"modified":"2024-01-17T07:12:51","modified_gmt":"2024-01-17T07:12:51","slug":"what-caused-shiba-inus-shib-burn-rate-to-soar-by-6000","status":"publish","type":"post","link":"https:\/\/cryptobulls.biz\/blog\/what-caused-shiba-inus-shib-burn-rate-to-soar-by-6000\/","title":{"rendered":"What Caused Shiba Inu&#8217;s SHIB Burn Rate to Soar by 6,000%?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_56_1 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\"><\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-2'><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/cryptobulls.biz\/blog\/what-caused-shiba-inus-shib-burn-rate-to-soar-by-6000\/#SHIB_Burn_Rate_Spikes_6000\" title=\"SHIB Burn Rate Spikes 6,000%\">SHIB Burn Rate Spikes 6,000%<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/cryptobulls.biz\/blog\/what-caused-shiba-inus-shib-burn-rate-to-soar-by-6000\/#Shibarium_Transactions_Decline\" title=\"Shibarium Transactions Decline\">Shibarium Transactions Decline<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/cryptobulls.biz\/blog\/what-caused-shiba-inus-shib-burn-rate-to-soar-by-6000\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n\n<p class=\"wp-block-paragraph\">Shiba Inu, a notable token on the Ethereum blockchain, has made a significant impact on the global market by experiencing an impressive 6000% surge in its burn rate. This notable increase in burn rate, as reported by on-chain data from Shibburn, a platform dedicated to providing insights into SHIB burning, has garnered widespread attention from crypto enthusiasts worldwide.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Despite the substantial surge in burn rate, Shiba Inu&#8217;s market value exhibited a contrary trend, trading in negative territory on the day. This unexpected dynamic has added an element of intrigue to the ongoing narrative surrounding the token. Nevertheless, Shiba Inu&#8217;s price managed a marginal increase over the past week, further intensifying the curiosity and speculation surrounding this digital asset.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"SHIB_Burn_Rate_Spikes_6000\"><\/span>SHIB Burn Rate Spikes 6,000%<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In the past week, Shiba Inu saw a huge increase of 5,972.36% in its burn rate, removing more than 9.4 billion tokens from circulation. This burn rate is over 10% of the total SHIB tokens destroyed last year. Token burns aim to reduce the number of coins available, theoretically creating scarcity and potentially increasing prices if demand remains high.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The notable rise in SHIB&#8217;s market value this week is linked to its increased burn rate. This coincided with a broader market upswing, driven by the approval of several spot Bitcoin ETFs in the US. As a result, SHIB&#8217;s price increased by about 5% in the past week, reaching a high of $0.0000105.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/cryptobulls.biz\/blog\/wp-content\/themes\/groovy\/assets\/images\/transparent.gif\" data-lazy=\"true\" data-src=\"https:\/\/lh7-us.googleusercontent.com\/l2-aA6De27jWjyxk_PnRbiKjAbLozrZ1zYZ7ITEzyqkewQ-whjFlbzKtvIGIjE2pRqFsXNJYQemSVZTzCzX1BWFHg6zX-p54jp6Z7g2e2616-5yrqNKpPzgmEAouGRnby_mqBFJXQt74HYq95WrvpVs\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Shibburn&#8217;s data shows a remarkable 5891.2% surge in Shiba Inu&#8217;s burn rate over the last 7 days. On the latest day, 820,007 SHIB were burned in the past 24 hours. However, this led to a drop in today&#8217;s burn rate, marking a 95.05% decrease.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since its inception, Shiba Inu has burned a significant 410.70 trillion SHIB, significantly impacting the circulating supply. Currently, the circulating supply of the meme coin is 581.07 million, according to the latest data.<\/p>\n\n\n\n<h1 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Shibarium_Transactions_Decline\"><\/span>Shibarium Transactions Decline<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">The Shibarium network has recently seen a notable decrease in daily transactions over the past month. In December 2023, daily transactions averaged around 7 million but have now dropped to less than 2 million in January 2024. For example, on December 28, 2023, there were 7.84 million daily transactions, which have since decreased to 1.16 million as of January 13, 2024.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/cryptobulls.biz\/blog\/wp-content\/themes\/groovy\/assets\/images\/transparent.gif\" data-lazy=\"true\" data-src=\"https:\/\/lh7-us.googleusercontent.com\/QSZyGsbk-5arKUIzduxmYF-bq-FCGfU03ppPWsbvr3zWCGhixWrjeGMsNqNA8nYAoiYzcQ8XCskng7UuPgqpjve-ldmDgyf7EX2oqq7CEVJwBZlpwG_VQZkm_QylbBmZtPJaIYQjcUpEWK8DldOOUXM\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Despite this decline in daily transactions, other metrics indicate significant growth and adoption for Shibarium since its launch. The layer 2 blockchain currently hosts 1.3 million wallets and has generated 2.64 million blocks. Moreover, the total value of assets (TVL) locked on Shibarium reached a peak of around $1 million earlier this month, showcasing the network&#8217;s overall expansion and success.<\/p>\n\n\n\n<h1 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">Shiba Inu&#8217;s recent surge in burn rate, coupled with the decline in daily transactions on the Shibarium network, paints a dynamic picture of the cryptocurrency&#8217;s ecosystem. The substantial increase in burn rate, removing a significant number of tokens from circulation, has influenced SHIB&#8217;s market value. This phenomenon aligns with broader market trends, particularly driven by the approval of spot Bitcoin ETFs in the US. On the other hand, while Shibarium has experienced a noticeable decrease in daily transactions, key metrics such as the number of wallets, generated blocks, and the total value of locked assets indicate a robust growth and adoption trajectory since its inception. The crypto landscape continues to evolve, presenting a blend of challenges and opportunities for these innovative blockchain networks.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shiba Inu, a notable token on the Ethereum blockchain, has made a significant impact on the global market by experiencing an impressive 6000% surge in&#8230;<\/p>\n","protected":false},"author":1,"featured_media":3351,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wpscppro_dont_share_socialmedia":false,"_wpscppro_custom_social_share_image":""},"categories":[3],"tags":[],"class_list":["post-3349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/cryptobulls.biz\/blog\/wp-json\/wp\/v2\/posts\/3349","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptobulls.biz\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptobulls.biz\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptobulls.biz\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptobulls.biz\/blog\/wp-json\/wp\/v2\/comments?post=3349"}],"version-history":[{"count":1,"href":"https:\/\/cryptobulls.biz\/blog\/wp-json\/wp\/v2\/posts\/3349\/revisions"}],"predecessor-version":[{"id":3350,"href":"https:\/\/cryptobulls.biz\/blog\/wp-json\/wp\/v2\/posts\/3349\/revisions\/3350"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptobulls.biz\/blog\/wp-json\/wp\/v2\/media\/3351"}],"wp:attachment":[{"href":"https:\/\/cryptobulls.biz\/blog\/wp-json\/wp\/v2\/media?parent=3349"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptobulls.biz\/blog\/wp-json\/wp\/v2\/categories?post=3349"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptobulls.biz\/blog\/wp-json\/wp\/v2\/tags?post=3349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}