Shiba Inu Burn Rate Hits 26,000% in the Last Day, 1.4 Billion SHIB Destroyed in 24 Hours – Altcoins Bitcoin News

Over 24 hours, tokens were burned at the 2nd-largest cryptocurrency-based meme, Shiba Inu. According to statistics, the network’s burn rate has increased by 26,592% as 1.4 billion SHIB has been destroyed.

Shiba Inu burn rate increases significantly

On February 22, a SHIB team member named “Archangel” revealedThis project would include a Shibaswap 2.0, a decentralized currency (dex), and a portal for burning. This portal will help to boost a deflationary supply. In mid-March SHIB team members were added. launchedDefense Breed is a team for project defense.

The Defense Breed aims to enhance SHIB’s “communication and transparency” and “protect the ecosystem from any malicious projects or persons from trying to take advantage of the community.” Now the shiba inu (SHIB) supply is burning tokens at an extremely fast rate, much faster than the likes of Ethereum’s burn rate.

The following statistics are from shibburn.comIt was estimated that SHIB burned at 26,592% per day for a total of 1.4 billion. On March 14, SHIB’s burn rate was 6,700%, or 745 million SHIB destroyed in a day. To give you an example, Ethereum’s blockchain destroyed 4,098 Ethereum within the last 24 hours. Ethereum’s 24-hour value burned is far more valuable at $13.2 million burned in the last day. SHIB’s 1.4 billion tokens burned, on the other hand, is only worth $34,554.

Shiba Inu Team Member Says ‘Burning SHIB Is a Core Aspect of Our Ecosystem’

During the last five hours, three addresses alone burned 59,998,118 SHIB or $1,448 worth using today’s SHIB exchange rate. SHIB’s week has been difficult as it has suffered a 7.6% drop in the past seven days. SHIB is up 39,795% in comparison to the U.S. dollar year-to date.

SHIB, which is a meme-based asset that hovers below dogecoins (DOGE), ranks second in market capitalization. While DOGE has a $19.1 billion market cap, SHIB’s market valuation is around $13.2 billion, ranked number 15 among 13,617 cryptocurrency market caps.

According to SHIB’s project leaders, the Defense Breed will be in charge of screening partners, collaborations, and incoming projects. In the blog post concerning the Defense Breed, a SHIB team member dubbed “Trophias” explained the importance of the SHIB burn portal. “Burning SHIB is a core aspect of our ecosystem and we are always exploring new options to burn SHIB via utility,” Trophias said at the time.

What do you think about Shiba Inu’s burn rate spiking above 26,000% during the last 24 hours? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman is the News Lead for Bitcoin.com News. He also lives in Florida and works as a journalist covering financial technology. Redman joined the cryptocurrency community in 2011 and has been active since then. Redman is passionate about Bitcoin and open-source codes. Redman has contributed more than 5,000 articles to Bitcoin.com News since September 2015. These articles are about disruptive protocols that are emerging.