According to the data provided by the Shibburn Explorer, the SHIB burn rate has finally shown a significant increase after a few days of remaining significantly below zero. The cost of the second-largest meme coin has also somewhat increased during the course of the night.
SHIB burn rate up over 1,800%
According to information obtained from the Shibburn website, the Shiba Inu community was able to get rid of a total of 50,258,924 SHIB in the last 24 hours. That shoddy hoard of meme coins is only worth $378.
There have been a total of four burn transactions, the two largest of which sent dead-end wallets 27,502,303 and 12,034,353 SHIB, respectively. The group was successful in burning a total of 638,400,947 SHIB throughout the course of the last seven days. More than 37% fewer tokens were destroyed this week than the previous week.
Burning implies that the community or developers sometimes or routinely send money to wallets from which the cryptocurrency cannot be spent or withdrawn at all. Burning is a common practise in the cryptocurrency industry today.
The long-term objective of this is to progressively decrease the supply of coins (in this example, SHIB) in circulation in order to make them more rare and eventually try to push their price up.
Shibarium reaches new milestones, SHIB price surges
Puppyscan reports a growth in the number of completed transactions and associated wallet addresses on the Puppynet, a Shibarium testnet.
The number of transactions on Shibarium beta has significantly increased during the last few days. Prior to this, U.Today stated that it had reached 25 million transactions after adding almost a million in only two days.
The overall number of transactions has now increased by a few hundred thousand units to 25,665,558. The number of wallets connected to Puppynet has significantly increased and now stands at 17 million. As of right moment, Shibarium is connected to 17,005,447 wallets.
This, together with other reasons, has finally caused the price of SHIB to turn positive and begin to increase. The popular dog-themed meme coin increased by 3.21% during the past 24 hours, according to information provided by CoinMarketCap. At the time of writing, the price of SHIB is $0.000007516.
