The burn rate of Shiba Inu ($SHIB), a meme-inspired cryptocurrency, has experienced a significant surge following a historic burning frenzy initiated by Akai Token ($AKAI).
Akai Token’s recent move involved transferring 804 million tokens to a dead wallet, resulting in a remarkable 8,900% increase in the burn rate within a 24-hour period.
Akai Token’s token burn event began with a relatively small transaction of just over 310,000 SHIB tokens. This was followed by an impressive sequence of over 100 individual transactions, resulting in the transfer of a staggering 800 million tokens.
The Akai Token project incorporates a 4% levy on all buying and selling transactions of its native token, AKAI. This levy is then divided, with 2% allocated for burning SHIB tokens and the remaining 2% dedicated to funding the project’s marketing initiatives.
This extraordinary surge in burning activity has propelled the overall burn rate to an astounding 8,991.55% increase within the past 24 hours alone. The destruction of over $9,000 worth of Shiba Inu’s circulating supply has contributed to this remarkable growth.
Shiba Inu has witnessed significant growth in recent months, with explosive growth in daily new addresses during the second quarter of the year.
According to data from IntoTheBlock, daily new addresses for Shiba Inu surpassed 4,000 on June 27, representing an astonishing 357% increase compared to May 21’s increase of 877 daily new addresses.
Additionally, the Shiba Inu ecosystem has seen notable activity with the testnet launch of Shibarium, a layer-2 scaling solution.
The Puppynet testnet has achieved a milestone of 25 million transactions, as reported by PuppyScan, a dedicated block explorer for the Shiba Inu network.
The testnet processes approximately 270,000 transactions per day, addressing scalability and transaction throughput concerns associated with the Ethereum network.
Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.
