Shiba Inu Token Burns Billions of Tokens at a Staggering Rate of 27,954%: What This Means for the Future of SHIB?

 Bombolo | News and Media

Shibburn tracker is a website that tracks the burn rate of Shiba Inu tokens. Burn rate refers to the rate at which tokens are taken out of circulation or destroyed. In the case of Shiba Inu, tokens are burned through a process called "token burning," which involves sending tokens to an address from which they can never be retrieved.

Shiba Inu community has successfully increased the rate at which tokens are being burned. This means that more tokens are being taken out of circulation, which can have an impact on the token's overall value. A higher burn rate is generally viewed as a positive development by the community, as it reduces the overall supply of tokens, making each token more valuable.

. Shiba Inu community's efforts pay off as token burn rate experiences staggering surge in just 24 hours :

The recent update shared on Twitter indicates that the 24-hour burn rate of Shiba Inu tokens has increased significantly, almost reaching a staggering 28,000%. This means that a large number of Shiba Inu tokens have been removed from circulation in just 24 hours. According to the update, a total of 2,057,811,344 SHIB tokens have been burned since yesterday morning.

The release of the Shibarium Layer 2 blockchain could indeed be a contributing factor to the high token burn activity observed in the Shiba Inu community. Layer 2 solutions are designed to improve the scalability and efficiency of blockchain networks, by allowing some transactions to be processed off-chain and then aggregated onto the main blockchain.

The increased token burn activity could be a result of investors buying up SHIB tokens in anticipation of the Shibarium launch, with the expectation that the token's value could increase as a result. The Shiba Inu community may also be burning tokens as a way to show support for the project and signal confidence in its future prospects.

The fact that the burn rate has reached a level that has not been seen for a long time suggests that the community is actively working to increase the token's value and improve the overall health of the Shiba Inu ecosystem. This development could attract new investors and help to further legitimize the token in the eyes of the wider cryptocurrency community.

Overall, the release of Shibarium could be a major milestone for the Shiba Inu project, and the high token burn activity observed in the lead-up to its launch suggests that the community is highly engaged and enthusiastic about its potential impact.