Self-proclaimed ‘Dogecoin (CRYPTO: DOGE) killer’  Shiba Inu (CRYPTO: SHIB) has seen its token burn rate skyrocket by over 300% over 24 hours.

What Happened: This increase comes as over 12.46 million SHIB tokens were yielded up, and permanently withdrawn from circulation.

According to data sourced from Shibburn, the surge in the burn rate can be attributed to a single, significant transaction that removed 12 million SHIB from the supply.

Shiba Inu has displayed a strong performance over the past year, up by 33% in 2023. This growth coincides with the enhancements within the SHIB Ecosystem and the launch of Shiba Inu Layer-2 solution Shibarium, which has been eagerly awaited by the SHIB Army—the collective name for the Shiba Inu community supporters. 

As per Shibburn’s records, community members have engaged in their own deflationary tactics, burning over 76 billion SHIB to unspendable wallet addresses in 2023.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: December recorded the highest level of activity, with one particular day witnessing 225 million SHIB tokens being removed from circulations. Despite this vigorous activity, the annual statistics show that a total of 76.4 billion SHIB tokens were burnt in 2023 which is 8.33% lower compared to the burn rate achieved in 2022.

Meanwhile, data from Shibariumscan, a Shibarium tracker shows an average of 4.91 million daily transactions on Shibarium. Furthermore, the total number of wallet addresses interacting with the network now exceeds 1.3 million, indicating sustained and expanding engagement in the Shiba Inu ecosystem.

Price Action: At the time of writing, SHIB was trading at $0.000010, down 1.3% on Wednesday, according to Benzinga Pro.

Image via CryptoFX on Shutterstock

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