The burn rate of the self-proclaimed ‘Dogecoin DOGE/USD killer' Shiba Inu token SHIB/USD has seen an increase of over 800% in the past day, culminating in the elimination of 10 million SHIB from circulation.
What Happened: According to the latest data from Shibburn, the uptick in the burn rate can be attributed to a large transaction where over 10 million SHIB tokens were incinerated.
The growth in the Shiba Inu token’s daily transactions can be linked to the skyrocketing activity on the Shibarium network. Shibariumscan, a platform tracking such transactions, reports a staggering figure of 7.84 million transactions in a single day on the Shibarium Layer-2 (L2) network.
The total number of transactions on the Shibarium L2 blockchain has now exceeded the 30 million mark.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Additionally, the network’s scaling has brought with it an increase in gas fees, with costs reaching as high as 783 Gwei. These heightened fees typically occur during periods of increased demand on a network and serve as an indicator of the growing utilization of the network.
Shibarium’s path to this level of activity has experienced its fair share of obstacles. The developer team originally scheduled the Shibarium launch for February 2023, but it was postponed to iron out any bugs and deliver a seamless and polished ecosystem to its users
Price Action: At the time of writing, SHIB was trading at $0.0000097, up 2.78% in the last 24 hours, according to Benzinga Pro.
Image via CryptoFX on Shutterstock
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
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