The meme-coin Shiba Inu [SHIB] has exploded in popularity during 2022. While this boost was initially due to its growing price, the SHIB network has also increased its utility.
In recent months, the Shiba Inu [SHIB] network has performed incredibly well. Even though Dogecoin remains supreme as the largest of meme coins, Shiba Inu is giving DOGE a run for its money. Shiba Inu anticipates explosive growth in the next few years thanks to a slew of new developments in the works.
The Shiba Inu Burn initiative is such a development, designed to reduce the amount of $SHIB in circulation. This is expected to result in a boost in price, triggered by this reduction in supply and increased demand.
Shiba Inu burn rate increases by over 100%
The Shibburn Twitter account tweeted that over 121 transactions, totalling around 1,214,431,010 SHIB tokens, have been sent to dead wallets in the last seven days. In comparison to the quantity burned the previous week, this is a more than 100% increase.
There were a total 542 million SHIB burns in the last week. In the last 24 hours alone, 213,249,336, SHIB have been burned, representing a 9.34% hike.
As per the data from Shibburn, 410,378,833,832,746 Shiba Inu have been sent to dead wallets from its initial supply. A look into the latest burn transactions reveals 2 transactions alone that have together burnt just over 5 million SHIB. These transactions took place 2 hours and 7 hours before publication.
At the time of writing, SHIB was trading at $0.00001229. SHIB had a better performance compared to the general crypto market. It has lost 4.7% in the last 7 days and 2.6% in the last 14 days.
SHIB has lost less than Ethereum, which has lost 6.5% and 25.5% in the last same time periods, respectively.