The burn rate of Shiba Inu (CRYPTO: SHIB) has skyrocketed by over 330% in the past 24 hours. This sharp increase has resulted in the permanent removal of more than 131 million SHIB tokens from circulation.

SHIB Wallet Cross 1M Mark

The Shiba Inu Layer-2 platform, known as Shibarium surpassed 1.2 million total wallet addresses. Notably, Shibarium has been steadily adding an impressive average of 36,667 new wallet addresses every day. 

The total transactions conducted on the platform are on the verge of reaching the 3 million mark, with a current count of 2,988,445 transactions. 

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Why Does Shiba Inu Have Token Burning?

Data from Shibariumscan, reveals a staggering 633% surge in newly verified contracts just within this week. 

Shiba Inu, created in August 2020 by Ryoshi (a pseudonym) and others, gained significant attention in May of the following year when its founder(s) sent half of the supply to Ethereum (CRYPTO: ETH) co-founder Vitalik Buterin. 

Buterin decided to burn 90% of his SHIB holdings, which accounted for more than 40% of the total supply (approximately 410 trillion coins).

Price Action: At the time of writing, SHIB was trading at $0.0000074, up 1.16% in the last 24 hours, according to Benzinga Pro.

Photo by Dennis Diatel on Shutterstock

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