The burn rate of Shiba Inu (CRYPTO: SHIB), a popular meme cryptocurrency, has surged by 100% over the past 24 hours, permanently removing a staggering 44 million SHIB tokens from circulation.

What Happened: The surge in burn rate coincides with a significant milestone achieved by SHIB’s newly launched layer-2 blockchain solution, Shibarium. The platform has reached the milestone of one million blocks.

ShibariumScan, a Shibarium tracker, revealed that the platform surpassed the milestone of three million transactions, indicating a rapid adoption rate. 

Currently, the number of transactions has risen to nearly 3.4 million, while the number of wallet addresses is approaching 1.3 million.

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Why It Matters: Shiba Inu’s burn rate has always been an important metric for its community of investors. Burning involves removing tokens from circulation, effectively decreasing the total supply. By burning a considerable number of SHIB tokens, the cryptocurrency aims to increase scarcity.

The Shiba Inu development team does not create these burn addresses but is part of the Ethereum (CRYPTO: ETH) network and is used by other tokens as well.

There are three main SHIB burn addresses presently in use. The first is the same address Ethereum co-founder Vitalik Buterin used to burn a significant portion of SHIB tokens. The Shiba Inu team uses the second burn address for ShibaSwap listings. The last one, known as the Black Hole, is associated with the Ethereum genesis address.

Photo by Furkan Cubuk on Shutterstock

Price Action: At the time of writing, SHIB was trading at $0.0000071, down $1.20 in the last 24 hours, according to Benzinga Pro.

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