• Shiba Inu (SHIB) has seen a massive burn rate of 1.029 billion tokens worth $8,200 in the past 24 hours.
• This increase was triggered by transactions from projects such as MARSWAP, OxShibarium AI, and Koyo Token.
• Despite the token burn, Shibarium’s mainnet launch encountered technical issues that saw ETH tokens stuck on its bridge.
Shiba Inu Token Burn
Shiba Inu (SHIB) has witnessed an impressive increase in token burns in the past 24 hours, with over 1 billion tokens incinerated. This heightened burn rate comes despite the mounting concerns surrounding the Shibarium mainnet launch. Data from Shibburn, the community-driven Shiba Inu burn tracker, indicates that precisely 1.029 billion SHIB worth $8,200 has been incinerated over the past day. This figure represents a massive 1,029.29% increase from the amount burned the previous day.
Transactions Triggering Burning
The recent elevated burn rate was triggered by transactions involving millions of Shiba Inu tokens over the past 24 hours. These transactions were carried out by projects such as MARSWAP, OxShibarium AI, and Koyo Token. The largest among these transactions involved 418.7 million SHIB tokens incinerated by OxShibarium yesterday at 6:36 PM (UTC). This transaction occurred a few minutes after Koyo Token burned 331 million Shiba Inu tokens at 6:17 PM (UTC).
SHIB is down by 2.5% in the past 24 hours and trading at $0.0000079 at the time of writing. The asset’s 24-hour trading volume has risen by 20%, reaching $179 million.
Issues Surrounding Shibarium’s Mainnet Launch
The recent burn exercise comes shortly after the project observed a hiatus amid concerns around Shibarium’s mainnet launch which encountered issues resulting in over $1