Shiba Inu (SHIB) Burn Rate Surges Over 68,000% in One Day

• Shibburn reported a 68,231.91% surge in SHIB burn rate, with one transaction burning over 96 million tokens.
• Kraken has expanded support for SHIB Futures trading, potentially driving further adoption and increasing market activity.

Shiba Inu (SHIB) continues to garner notice for its exceptional successes, despite the inherent volatility of its token performance. Shibburn, a well-known SHIB burn tracker, recently reported a startling increase in SHIB burn rate of 68,231.91%.

HOURLY SHIB UPDATE$SHIB Price: $0.00001429 (1hr 0.93% ▲ | 24hr 1.93% ▲ )
Market Cap: $8,444,432,466 (1.97% ▲)
Total Supply: 589,271,921,380,292

TOKENS BURNT
Past hour: 96,086,320 (1 transaction)
Past 24Hrs: 96,634,994 (68231.91% ▲)
Past 7 Days: 172,993,038 (283.33% ▲)

— Shibburn (@shibburn) August 29, 2024

Massive Single Transaction Dominates SHIB Burn Rate 

This increase resulted in the burning of 96,634,994 SHIB tokens within the last 24 hours. Notably, virtually all of this burn was linked to a single transaction that burned 96,086,320 tokens.

This one transaction accounted for nearly the entire burn rate during this time period, highlighting its importance in the ongoing attempts to limit the circulating supply of SHIB.

As of this writing, the price of SHIB is roughly $0,00001399, showing a 0.28% rise over the last 24 hours. This price shift took place despite a relatively low daily trading volume of $185.13 million.

On the other hand, Kraken, a popular cryptocurrency exchange, has increased its support for SHIB, PEPE, and WIF by enabling futures trading for these coins. As we previously reported, this new product expansion has the potential to promote greater adoption and increase SHIB’s market value.

To participate in this offering, consumers must move their memecoins from Kraken Spot wallets to Futures wallets. This decision by Kraken may open the way for higher trading activity and strengthen SHIB’s standing in the cryptocurrency market.

Moreover, previous reports from CNF highlighted the progress of Shibarium, Shiba Inu’s Layer 2 solution. Shibarium recently reached the milestone of 6.5 million total blocks and approximately 420 million transactions. However, it has been observed that the quantity of new daily transactions is decreasing.

In response, the Shiba Inu team has announced the launch of a “Burn Portal” and the deployment of the most recent hard fork, which are expected to address some of the network’s issues and improve overall functionality.