The Shiba Inu community has increased its token-burning mechanism, with 50.18 million SHIB tokens destroyed in the past 24 hours. This represents an 8,627% surge in the SHIB burn rate compared to the previous day. The burning process was completed through two transfers, with the community moving about 3.09 billion SHIB tokens to the dead wallet within the past week. Additionally, the layer 2 solution network of Shiba Inu, Shibarium, has made progress in its beta-test phase, with a token-burning mechanism that automatically converts locked tokens to SHIB coins and transfers them to the protocol’s dead wallet.
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Shiba Inu Token Burn Rate Surges After Days of Stagnation
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