Shiba Inu Burn Rate Hits 26,000% in the Last Day, 1.4 Billion SHIB Destroyed in 24 Hours.
On February 22, a SHIB team member named “Archangel” revealed that the project would have a decentralized exchange (dex) called Shibaswap 2.0 with a burn portal.
The portal is meant to help bolster a deflationary supply, and in mid-March, SHIB team members launched a project defense team called Defense Breed.
The Defense Breed aims to enhance SHIB’s “communication and transparency” and “protect the ecosystem from any malicious projects or persons trying to take advantage of the community.”
Shiba Inu (SHIB) supply is burning tokens at an extremely fast rate, much faster than Ethereum‘s burn rate.
Statistics from shibburn.com show that 1.4 billion SHIB has been burned in the last day at 26,592%. On March 14, SHIB’s burn rate was 6,700%, or 745 million SHIB destroyed in a day.
For some comparison, the Ethereum blockchain destroyed 4,098 ether during the last 24 hours. Ethereum’s 24-hour value is far more valuable at $13.2 million burned in the last day.
On the other hand, B’s 1.4 billion tokens burned are only worth $34,554.
Shiba Inu Burn Rate Hits 26,000% in the Last Day, 1.4 Billion SHIB Destroyed in 24 Hours
During the last five hours, three addresses alone burned 59,998,118 SHIB or $1,448 worth using today’s SHIB exchange rate.
SHIB has not had the best week as the meme-token has lost 7.6% during the last seven days.
However, SHIB has gained a whopping 39,795% against the U.S. dollar.
SHIB is the second-largest meme-based asset in terms of market capitalization as it hovers beneath Dogecoin (DOGE).
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,” Trophies said at the time.
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