Shiba Inu destroys approximately 2.7 million tokens in one day: a burn rate of 5,000%

Shiba Inu has achieved a truly positive result.

In the last 24 hours has achieved a burn rate of 5,000%which translates into the destruction of approximately 2.7 million SHIB tokens, Shibburn data reported by Benzinga shows.

This act of burning involves sending the tokens to a wallet address that is not recoverable, effectively removing them from circulation in the hopes of increasing scarcity.

Of course, despite the increase in the cryptocurrency’s burn rate, the data is not very positive in valuation either, since the “Dogecoin killer” has experienced a slight decline in the market, with its value falling by 2%.

Contributing to the positive outlook for Shiba Inu is the ongoing progress of Shibarium, the currency’s layer 2 blockchain solution aimed at improving network capacity and reducing transaction costs. Since its launch in August, the total number of Shibarium transactions surpassed the 4 million mark.

It should be made clear that the network has almost 1.8 million mined blocks and more than 1.2 million individual wallet addresses, reflecting a constant increase in daily transactional activity, which now stands at 16.09K daily transactions.

Earlier in the week, the cryptocurrency has seen a record 47,872% surge, with over 28 million SHIB tokens burned.

While Shiba Inu is known for its huge supply limit, which barely reaches 1 quadrillion tokens, more than 40% of them have been permanently removed from circulation through strategic burning.

At the time of writing, SHIB was trading at $0.0000082, down 1.58% in the last 24 hours according to Benzinga Pro.