The Shiba Inu (SHIB) burn rate is again on the rise, with the burn tracking website Shibburn highlighting the massive surge in the last 24 hours. This is undoubtedly a welcome development as it could positively impact SHIB’s price, which has made a decent recovery lately.
Shiba Inu Burn Rate Surges By Over 17,000%
Shibburn revealed in an X (formerly Twitter) post that the SHIB’s burn rate had surged by over 17,000%, with 56 million SHIB tokens burned between March 27 and 28. During that period, 5.3 million SHIB tokens were burnt in a single transaction, contributing significantly to this surge.
SHIB’s burning program was recently one of the major talking points in the SHIB community as Shiba Inu team member Ragnar drew the community’s attention to how this was setting SHIB up for further growth. So far, the burn initiative has continued to positively impact SHIB’s price whenever it is carried out on a large scale.
Therefore, sustaining the large-scale burning of these SHIB tokens is necessary. SHIB’s burn rate has continued to be inconsistent, with times when the amount of SHIB burned is largely unimpressive.
It is also worth mentioning that SHIB’s burn rate has declined by almost 49% in the last seven days, which again highlights the need for sustained momentum in the burning of these crypto tokens.
Time For Shibarium To Pick Up Again
Layer-2 network Shibarium looks to be the answer to ensuring a sustained increase in the SHIB burn rate. For context, Shibarium singlehandedly contributed to over 33.8 billion SHIB tokens burned in December 2023. Meanwhile, before then, the only time the monthly SHIB burns crossed the 10 billion mark was in May 2023.
Shibarium’s importance is why much effort continues to be put into ensuring that network activity there picks up. Bitcoinist reported that Shibarium has seen a staggering 99% decline in daily transactions this month. At the time of writing, the network recorded just about 9,000 transactions in the last 24 hours.
That is undoubtedly concerning for a network that averaged over 7 million daily transactions for most of December last year. The surge in network activity was also why the Shiba Inu team was able to burn billions of SHIB tokens that month.
Therefore, network activity on Shibarium needs to pick up soon enough as it could play a major role in helping SHIB break its all-time high (ATH) and even surpass it.
At the time of writing, SHIB is trading at around $0.00003116, over 3% in the last 24 hours according to data from CoinMarketCap.
SHIB price at $0.00003 | Source: SHIBUSDT on Tradingview.com
Featured image from CryptoTicker, chart from Tradingview.com
