The SHIB burn rate has seen a significant surge in recent days, signaling positive developments for the popular meme coin. In addition, the price of SHIB has shown a slight increase overnight.
According to data provided by the Shibburn explorer, the SHIB community has successfully burned a total of 50,258,924 SHIB within the past 24 hours.
The combined value of these meme coins amounts to approximately $378. The burn transactions involved four transactions, with the two largest transactions totaling 27,502,303 SHIB and 12,034,353 SHIB, respectively.
Over the past seven days, a total of 638,400,947 SHIB has been burned by the community, representing a decrease of more than 37% compared to the previous week.
Burns have become a common practice in the cryptocurrency world, with the intention of reducing the circulating supply of coins over time. In the case of SHIB, regular burns aim to increase scarcity and potentially drive the price of the coin higher.
By sending coins to wallets where they cannot be spent or withdrawn, the community and developers contribute to gradually reducing the available supply.
The recent surge in the SHIB burn rate is likely due to a number of factors, including the launch of the Shibarium testnet and increased interest from institutional investors.
Shibarium is a layer-2 scaling solution for SHIB that is designed to reduce gas fees and improve network performance. The testnet for Shibarium was launched in May 2022, and it has been gaining traction in recent weeks.
