SHIB Burn Rate Surges 106,040.49%

One of the key Shiba Inu metrics, the SHIB burn rate, has suddenly jumped to an impressive six-figure level

The Shib cryptocurrency burn rate has seen a remarkable six-figure surge since Friday morning, according to the Shibburn wallet tracker.

However, there is a substantial catch to this tremendous SHIB burn rate surge.

As of press time, the Shib burn rate has soared 106,040.49% in the past 24 hours. However, the amount of SHIB coins destroyed this time is much smaller that one, perhaps, would expect here and it comprises 15,330,933 SHIB.

Still, this burn-rate SHIB number stands in a sharp contrast to what was burned on Friday — 14,444 SHIB with the burn rate down by almost 100%.

So far there have been just two burn transactions today. The largest one did it all, moving 15,023,347 SHIB from the circulating supply and into an unspendable wallet. The second one burned only 307,585 SHIB.

SHIB executive highlights SHIB team's milestones

On Friday, SHIB’s official marketing lead, Lucie, took to the X platform to remind the Shiba Inu community about the enormous role played by the SHIB team in the fate of the same-name meme coin and its ecosystem. Lucie published a recap of all products launched by the team for SHIB and all the hard work undertaken by it to expand and support the meme coin and its ecosystem.

Starting from 2020, the team embraced SHIB after its creation and launch by Ryoshi (it was launched as a decentralized ERC-20 token on Ethereum) with no presale or team allocation.

In 2021, the team launched the ShibaSwap DEX, introducing DeFi to it with staking and liquidity farming to SHIB. Then followed the launch of Shibarium in August 2023. Later, the team implemented an automatic burn portal on Shibarium, developed the SHIB Identity System. Parallel to that, the team succeeded in achieving numerous SHIB listings on more than 100 exchanges, including Binance, Coinbase, Kraken and Bitstamp.

After that, SHIB real-world adoption expanded as the meme coin was added as payment by global brands and retailers, SHIB expanded into the gaming and NFT spheres. Last year, the team finally rolled out the SHIB Metaverse — a virtual world that reflects SHIB’s vision with customized lands, hubs meant to be used for digital commerce in the future.