The Shiba Inu cryptocurrency ecosystem has witnessed a remarkable uptick in the burn rate of its native token, SHIB. This surge could largely be attributed to the advancements within Shibarium, Shiba Inu’s proprietary platform. An analysis of network activity has illuminated this trend, shedding light on its underpinnings.
Since the onset of December, Shibarium has observed a dramatic increase in its transaction volume. Network scans revealed a daily influx of transactions, starting with over 5 million at the beginning of the month and swiftly escalating to more than 7 million by the 4th. This exponential growth resulted in over 28 million transactions in just four days, contributing significantly to a network-wide tally that has now exceeded 35 million transactions.
This surge in transactional activity on the Shiba Inu platform has had a direct impact on transaction fees. These fees, integral to the SRC-20 minting process, are denominated in thousands of BoneShibaSwap (BONE) tokens. This aspect of Shibarium’s operations has set the stage for an accelerated burn of SHIB tokens, an initiative the community eagerly anticipated.
The data from Shibburn, a platform dedicated to tracking token burns, underlines the magnitude of this surge. Over the last 24 hours, more than 8.3 billion SHIB tokens were burned, signifying an astounding 1548111.1% increase in the burn rate. This spike is not just a daily record but also influences the overall burn rate for the past week, which has seen an elevation of approximately 2565%. As a result, over 8.5 billion SHIB tokens have been incinerated in the past week alone.
Moreover, the network’s health is further evidenced by the rising number of active accounts. From a low of around 1,300 accounts on the 1st of December, the number has skyrocketed to over 4,000 at the time of this report. This increase in active participation within the network is a testament to the growing interest and engagement in the Shiba Inu ecosystem.
At the time of writing, the SHIB token is trading at $0.000009671, with a market capitalization of over $5.71 billion. The token has seen a 6.03% increase in value over the last 24 hours, further solidifying its position as one of the world’s top-performing cryptocurrencies. On the other hand, BONE, the token integral to Shibarium’s operations, has seen a remarkable 1.56% increase at $0.7782 in the past 24-hour period. The current market capitalization for BONE is over $167 million, ranking it among the top 184 cryptocurrencies by market capitalization.
In summary, the recent activities within the Shiba Inu platform, particularly those associated with Shibarium, have catalyzed a historic surge in the burn rate of SHIB tokens. This development reflects the growing transactional volume and network participation and underscores the dynamic and evolving nature of the Shiba Inu ecosystem. As the platform continues to evolve, it remains a point of interest for investors and enthusiasts in cryptocurrency.
