Shiba Inu Burn Rate Hits 26,000% in the Last Day, 1.4 Billion SHIB Destroyed in 24 Hours – Altcoins Bitcoin News

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Shiba Inu Burn Rate Hits 26,000% in the Last Day, 1.4 Billion SHIB Destroyed in 24 Hours
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On Saturday, shiba inu, the second-largest cryptocurrency based on meme, saw a large number of tokens burned in the past 24 hours. According to statistics, the destruction rate of the network has increased by 26,592%, and 1.4 billion SHIB have been destroyed.

Significantly increased Shiba Inu burn rate

On February 22, SHIB team member “Archangel” disclose The project will have a decentralized exchange (dex) called Shibaswap 2.0 with a burn portal.The portal was designed to help strengthen deflationary supplies, and in mid-March, SHIB team members roll out A project defense team called Defense Breed.

Defense Breed aims to enhance SHIB’s “communication and transparency” and “protect the ecosystem from any malicious projects or individuals attempting to exploit the community.” Right now the shiba inu (SHIB) supply is burning tokens at an extremely fast rate, much faster than Ethereum.

Shiba Inu burn rate reached 26,000% on the last day, 1.4 billion SHIB destroyed in 24 hours
Data from shibburn.com as of Saturday, April 9, 2020 at 10:00AM ET.

Statistics from shibburn.com It was shown that 1.4 billion SHIB was burned at a rate of 26,592% on the last day. On March 14th, the burn rate of SHIB was 6,700%, that is, 745 million SHIB were burnt in one day. By comparison, the Ethereum blockchain has destroyed 4,098 ether in the past 24 hours. The value of Ethereum burned in 24 hours is much higher than the $13.2 million burned in the last day. On the other hand, the 1.4 billion tokens burned by SHIB are only worth $34,554.

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Shiba Inu team member says “burning SHIB is a core aspect of our ecosystem”

Just three addresses burned 59,998,118 SHIB or $1,448 worth (using today’s SHIB exchange rate) in the past five hours. With the meme-token down 7.6% over the past 7 days, SHIB hasn’t had its best week. However, year-to-date, SHIB is up 39,795% against the US dollar.

Shiba Inu burn rate reached 26,000% on the last day, 1.4 billion SHIB destroyed in 24 hours
Data from shibburn.com as of Saturday, April 9, 2020 at 10:00AM ET.

SHIB is the second largest meme-based asset in terms of market cap as it hovers below Dogecoin (DOGE). DOGE has a market cap of $19.1 billion, while SHIB has a market cap of around $13.2 billion, ranking 15th out of 13,617 cryptocurrencies by market cap.

Defense Breed will be responsible for screening partners, collaborations and upcoming projects, according to SHIB’s project lead. In a blog post about defensive breeds, a member of the SHIB team known as “Trophias” explains the importance of the SHIB burning portal. “Burning SHIB is a core aspect of our ecosystem, and we are always exploring new options for burning SHIB through utility,” Trophias said at the time.

tags in this story

Altcoin Market, Altcoins, Archangel, Burn Portal, Burn Rate, Daily Burn Rate, Burn, Daily Burn, Daily Burn Rate, Burn Tokens, DEX, Doge, Dogecoin, Ethereum Blockchain, Meme Coin, shib, SHIB blockchain, SHIB burn rate, SHIB project, SHIB team, shiba inu, Shibaswap 2, Trophias

What do you think of the Shiba Inu’s burn rate soaring above 26,000% in the past 24 hours? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is Head of News for Bitcoin.com News and a fintech reporter based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,000 articles for Bitcoin.com News on the disruptive protocols emerging today.

Image credits: Shutterstock, Pixabay, Wiki Commons

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