Burn Rate of Shiba Inu (SHIB) Spikes Around 1400% in last 24 Hours

• About 85% of the total SHIB burn of 37.4 million was caused by only two transactions.
• The Layer 2 solution would consume SHIB with each transaction.

According to statistics from Shibburn.com, the SHIB burn rate has increased by 1395.89% in the previous 24 hours. In a tweet published today, Shibburn reported that the Shiba Inu community as a whole had transferred 37.4 million SHIB to the burn wallet in the preceding 24 hours, explaining the surge in activity.

The overall burn is up significantly from the previous day’s total burn of 2.5 million SHIB, but it is still below the levels observed towards the end of last year and the beginning of this year. About 85 percent of the total SHIB burn of 37.4 million was caused by only two transactions.

At 1:26 a.m. UTC, the first transaction delivered 16.7 million SHIB to the burn wallet. The wallet no longer has any SHIB, however, it does have about 125 BONE, as shown on Etherscan. Moreover, at 3:57 AM UTC, another wallet paid almost 15 million SHIB to the burn wallet. According to Etherscan results, this address has just 0.01 SHIB available.

Some people in the community have lately raised displeasure with the current SHIB burn rate, although it’s worth noting that this trend seems to be set to reverse once Shibarium becomes live. The Layer 2 solution would consume SHIB with each transaction and the community is quite excited.

Moreover, there is currently no official release date, although developers are reportedly very close to releasing the protocol’s beta version. In particular, they just made it clear that BONE is the only token that may be used on the network to purchase gas.