{"id":564356,"date":"2023-12-07T23:00:49","date_gmt":"2023-12-07T23:00:49","guid":{"rendered":"https:\/\/wncen.com\/?p=564356"},"modified":"2024-06-11T07:07:58","modified_gmt":"2024-06-11T07:07:58","slug":"shiba-inu-burn-rate-rises-rapidly","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-burn-rate-rises-rapidly\/","title":{"rendered":"Shiba Inu Burn Rate Rises Rapidly In One Week, What\u2019s Been Driving It?"},"content":{"rendered":"

The rise in the Shiba Inu burn rate has no doubt been one of the most notable developments in the community. At the start of the week, the burn rate rose over 7,000,000%<\/a> after more than 8 billion tokens were burned in a 24-hour period. This trend has not slowed down either given that the burn figures have continued to rise daily.<\/p>\n

Shiba Inu Burn Surge Continues<\/h2>\n

Earlier in the week when the Shiba Inu burn<\/a> saw one of its highest daily spikes, the total number of tokens burned had come out to just over 8 billion. At the time, this was a significant figure given that the burn rate had been slowing down over the last year. However, there has been a steady rise in the number of SHIB tokens that are being burned lately, which raises the question of what is driving the burn.<\/p>\n

Related Reading: Bitcoin Bullish Fractal Returns: Analyst Predicts Another Leg-Up With Price Target<\/a><\/div>\n

After a dip in the burn rate following the 8 billion daily burn<\/a>, the community is back at it again and their zeal has been rewarded once more. On Thursday, the burn tracker Shibburn reported<\/a> that the 24-hour figure had crossed 10 million once again. This shows a steady recovery from Wednesday\u2019s figures which had tanked significantly.<\/p>\n

\"Shiba<\/p>\n

Source: Shibburn<\/pre>\n
As Shibburn data shows, the 10.34 million SHIB that were burned in the last 24 hours amounts to an 803.4% increase in the burn rate<\/a> compared to the previous day. The majority of the burns have, however, come from a single wallet address. The address sent a little over 10.2 million SHIB to the burn address.<\/p>\n
This recent spike in the BURN rate <\/a>has also added to the total amount burned on a weekly basis. The figure comes out to 8.497 billion, which is a 1,969.72% increase<\/a> from the previous week\u2019s figures.<\/p>\n
\"Shiba<\/p>\n
SHIB bulls struggle to maintain control | Source: SHIBUSD on Tradingview.com<\/a><\/pre>\n
What Is Driving The SHIB Burn?<\/h2>\n
The most significant burn for the week was the 8.2 billion burn, most of which came from a single address. This address was the ShibaSwap deployer wallet, which meant that the SHIB team was the one burning the tokens.<\/p>\n
Related Reading: 8 Green Candles: Here\u2019s What Happened To Bitcoin The Last Time It Appeared<\/a><\/div>\n
The spike in the burn rate coincides with the increased usage of the Shiba Inu layer 2 blockchain Shibarium<\/a>, which marked multiple milestones this week. As the usage has risen and more fees were collected on the network, the amount of SHIB to be burned rose drastically.<\/p>\n
Daily transactions on Shibarium have consistently come out above 7 million this week, bringing the total transactions on the network above 51 million. If this continues, then the burn rate<\/a> could continue to rise as more usage of the L2 means more fees being burned.<\/p>\n
Follow Best Owie on X (formerly Twitter)<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from NewsBTC, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The rise in the Shiba Inu burn rate has no doubt been one of the most notable developments in the community. At the start of the week, the burn rate rose over 7,000,000% after more than 8 billion tokens were burned in a 24-hour period. This trend has not slowed down either given that the burn figures have continued to rise daily. Shiba Inu Burn Surge Continues Earlier in the week when the Shiba Inu burn saw one of its highest daily spikes, the total number of tokens burned had come out to just over 8 billion. At the time, this was a significant figure given that the burn rate had been slowing down over the last year. However, there has been a steady rise in the number of SHIB tokens that are being burned lately, which raises the question of what is driving the burn. Related Reading: Bitcoin Bullish Fractal Returns: Analyst Predicts Another Leg-Up With Price Target After a dip in the burn rate following the 8 billion daily burn, the community is back at it again and their zeal has been rewarded once more. On Thursday, the burn tracker Shibburn reported that the 24-hour figure had crossed 10 million once again. This shows a steady recovery from Wednesday\u2019s figures which had tanked significantly. Source: Shibburn As Shibburn data shows, the 10.34 million SHIB that were burned in the last 24 hours amounts to an 803.4% increase in the burn rate compared to the previous day. The majority of the burns have, however, come from a single wallet address. The address sent a little over 10.2 million SHIB to the burn address. This recent spike in the BURN rate has also added to the total amount burned on a weekly basis. The figure comes out to 8.497 billion, which is a 1,969.72% increase from the previous week\u2019s figures. SHIB bulls struggle to maintain control | Source: SHIBUSD on Tradingview.com What Is Driving The SHIB Burn? The most significant burn for the week was the 8.2 billion burn, most of which came from a single address. This address was the ShibaSwap deployer wallet, which meant that the SHIB team was the one burning the tokens. Related Reading: 8 Green Candles: Here\u2019s What Happened To Bitcoin The Last Time It Appeared The spike in the burn rate coincides with the increased usage of the Shiba Inu layer 2 blockchain Shibarium, which marked multiple milestones this week. As the usage has risen and more fees were collected on the network, the amount of SHIB to be burned rose drastically. Daily transactions on Shibarium have consistently come out above 7 million this week, bringing the total transactions on the network above 51 million. If this continues, then the burn rate could continue to rise as more usage of the L2 means more fees being burned. Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet\u2026 Featured image from NewsBTC, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":564368,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[83668,86002,89178,83667,90810,89157,84562,84558],"class_list":["post-564356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-shib","tag-shib-burn","tag-shib-news","tag-shiba-inu","tag-shiba-inu-brun","tag-shiba-inu-news","tag-shibusd","tag-shibusdt"],"acf":[],"yoast_head":"\nShiba Inu Burn Rate Rises Rapidly In One Week, What\u2019s Been Driving It?<\/title>\n<meta name=\"description\" content=\"The rise in the Shiba Inu burn rate has no doubt been one of the most notable 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Shiba Inu Burn Rate Rises Rapidly In One Week, What\u2019s Been Driving It?","url":"http:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-burn-rate-rises-rapidly\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-burn-rate-rises-rapidly\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Shiba-Inu-burn-Small.jpeg?resize=200%2C180","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Shiba-Inu-burn-Small.jpeg?fit=320%2C180"},"articleSection":"Shiba Inu Coin","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["shib","shib burn","shib news","shiba inu","shiba inu brun","shiba inu news","shibusd","shibusdt"],"dateCreated":"2023-12-07T23:00:49Z","datePublished":"2023-12-07T23:00:49Z","dateModified":"2024-06-11T07:07:58Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Shiba Inu Burn Rate Rises Rapidly In One Week, What\\u2019s Been Driving It?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/shiba-inu-coin\\\/shiba-inu-burn-rate-rises-rapidly\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/shiba-inu-coin\\\/shiba-inu-burn-rate-rises-rapidly\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Shiba-Inu-burn-Small.jpeg?resize=200%2C180\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Shiba-Inu-burn-Small.jpeg?fit=320%2C180\"},\"articleSection\":\"Shiba Inu Coin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"shib\",\"shib burn\",\"shib news\",\"shiba inu\",\"shiba inu brun\",\"shiba inu news\",\"shibusd\",\"shibusdt\"],\"dateCreated\":\"2023-12-07T23:00:49Z\",\"datePublished\":\"2023-12-07T23:00:49Z\",\"dateModified\":\"2024-06-11T07:07:58Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Shiba-Inu-burn-Small.jpeg?fit=320%2C180","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/564356"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=564356"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/564356\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/564368"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=564356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=564356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=564356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}