Shiba Inu's burn rate has surged 880%, with 320 million tokens removed from circulation in the past week. Meanwhile, Shibarium, the Layer 2 blockchain, witnessed a 1,054% increase in daily transactions, signaling heightened ecosystem activity.With 320 million SHIB tokens burned in the last seven days, the burn rate of the dog-themed cryptocurrency Shiba Inu (SHIB) increased by 880%.
The burn rate for SHIB tokens increased by 880.1% in the past seven days, reaching 320,186,507 tokens, as reported by Shibburn. While 1,290,359 SHIB were burned in the past 24 hours, the daily burn rate decreased by 84.68%.
Shiba Inu Community Pushes for Long-Term Growth
The increased burn rate may indicate that the Shiba Inu community is still dedicated to the long-term objective of decreasing the token's availability and improving its utility, even though 320 million SHIB is a small part of the vast total supply.
Shiba Inu has been falling in value over the past 24 hours, falling 2.24 percent to $0.00001873, as of this writing. Following a price increase over the past week, Shiba Inu reached a high of $0.00001956 in yesterday's trading session.
