The second-largest cryptocurrency shiba Inu, based on memes, saw a large number of tokens being burned in the past 24 hours. Statistics show that the network’s burn rate has increased 26592% since 1.4 billion SHIB was destroyed.
Shiba Inu’s Burn Rate Rises Significantly
A SHIB member called “Archangel” disclosed on February 22 that the project would include a decentralized exchange (dex), Shibaswap 2.0, and a burn portal. This portal is intended to boost a deflationary supply. In mid-March, SHIB team members launched Defense Breed, a project defense team.
The Defense Breed is designed to improve SHIB’s communication and transparency and protect the ecosystem from any malicious people or projects trying to take advantage.
Shibburn.com statistics show that 1.4 Billion SHIB was burned in the past day at a rate 26.592%. SHIB’s burn rates were 6,700% on March 14th, which is 745 million SHIB lost in one day. The Ethereum blockchain has destroyed 4,098 Ethereum in the past 24 hours. The Ethereum 24-hour value of Ethereum is $13.2 million, which was burned in the past day. SHIB’s 1.4 million tokens, however, are only worth $34,554.
Shiba Inu Team member says that ‘Burning SHIB is a Core Aspect Of Our Ecosystem’
Three addresses have burned 59.998,118 SHIB, or $1,448 using the current SHIB exchange rate. SHIB has had a poor week. The meme-token lost 7.6% in the last seven days. However, SHIB has seen a remarkable 39,795% increase against the U.S. Dollar year-to-date.
SHIB is second in market capitalization for meme-based assets, hovering below dogecoin. DOGE is valued at $19.1 billion. SHIB, however, has a market value of around $13.2 million. This puts it in 15th place among the 13,617 cryptocurrency markets.
SHIB’s project managers stated that the Defense Breed would be responsible for screening partners, collaborations and incoming projects. A SHIB member, “Trophias”, explained the importance and role of the SHIB Burn Portal in a blog post. Trophias stated that burning SHIB is an integral part of our ecosystem. He also said that we are constantly exploring new ways to burn SHIB via utility.