On Saturday, the second largest meme-based cryptocurrency Shiba Inu saw a lot of tokens burned in the past 24 hours. According to statistics, the network burn rate increased by 26.592% as 1.4 billion SHIBs were destroyed.
Significantly increases Shiba Inu burning rate
On February 22, the SHIB team member named “Archangel” open The project will feature a decentralized exchange (dex) called Shibaswap 2.0 with a copy portal. The portal aims to help boost deflationary supply and in mid-March, SHIB team members Launched A project defense team called Defense Breed.
Dynasty Defense aims to enhance SHIB’s “communication and transparency” and “protect the ecosystem from any malicious projects or people trying to take advantage of society.” right Now Shiba Inu (sheep) The show burns tokens at a very fast rate, much faster than the times of Ethereum’s burn rate.
Statistics from shibburn.com It turns out that 1.4 billion gray hairs were burned in the past day at a rate of 26592%. On March 14, SHIB’s burn rate was 6700% or 745 million graying destroyed in one day. For some comparison, the Ethereum blockchain has destroyed 4,098 Ethers in the past 24 hours. The value of a 24-hour Ethereum burn is much higher as $13.2 million were burned in the past day. On the other hand, 1.4 billion SHIB tokens were burned, worth only $34,554.
Shiba Inu team member says “Shiba burning is an essential aspect of our ecosystem”
Over the past five hours, only three addresses have burned SHIB 59,998,118 or the equivalent of $1,448 using today’s SHIB exchange rate. SHIB has not had the best week as the meme-token has lost 7.6% over the past seven days. From the beginning of the year to date, graying Gained 39.795% against the US dollar.
SHIB is the second largest meme-based asset by market cap as it hovers below Dogecoin (DOGE). While dog Its market capitalization is $19.1 billion, grayingWith a market capitalization of around $13.2 billion, it ranks 15th out of 13,617 cryptocurrency market capitalizations.
According to SHIB project leaders, Defense Breed will be responsible for screening partners, collaboration and upcoming projects. In a blog post for the Defense Dynasty, a member of the SHIB team nicknamed “Trophias” explained the importance of the SHIB incineration portal. “Burning Sheep is an essential aspect of our ecosystem, and we are always exploring new options to burn Sheep across facilities,” Trovias said at the time.
What do you think of the Shiba Inu burn rate that has exceeded 26000% in the past 24 hours? Tell us what you think about it in the comments section below.
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