Shiba Inu's burn rate soared by an astounding 65,529% in the past 24 hours, wiping out over 2.6 million SHIB tokens, according to the Shibburn tracker. The massive burn failed to spark a price rally, raising questions about its long-term impact.

Burn Rate Soars to Record Highs

On the last day, the SHIB army pushed the burn rate of their beloved meme money to an astounding new high, according to statistics given by the Shibburn transaction tracker, which monitors SHIB burn transfers.

Several million Shiba Inu meme coins were burned to produce it. The price, meantime, staged a 3% decrease in response to the big jump in the burn rate, U.Today reports.

Millions of SHIB Tokens Destroyed

According to the data source mentioned before, there has been an astounding 65,529.67% spike in the burn rate over the past 24 hours, with over 2,652,095 SHIB meme coins being transferred to blockchain wallets where they cannot be spent.

So far, six burn transactions have taken place. Two hours and fifteen minutes ago, the two biggest ones had 1,519,776 SHIB and 1,518,909 SHIB, respectively. The identical anonymous wallet address, terminating in -521f, executed both transactions.

Smaller Transactions and Past Burn Performance

The tiniest one consumed only 2,054 SHIB twenty-one hours ago. On Thursday, there was a shocking -100% burn rate, meaning that no Shiba Inu dog-themed meme coins were sent to dead-end wallets.

According to the Shibburn website, the SHIB community and the meme coin's developers have managed to sell 410,731,247,072,753 SHIB so far. This is just under half of the original one quadrillion-coin supply that was produced when SHIB was launched in 2020.

Shibarium Breaks Transaction and Account Growth Records

This week, the layer-2 blockchain Shibarium, which was released in August of last year, achieved new highs on several important indicators, according to a tweet by the anonymous marketing lead of the Shiba Inu team, Lucie.

The increase in daily transactions was the first; this statistic peaked at 4.77 million on October 24. There were 1.7 million transfers indicated by this critical metric on October 22. In the span of only two days, that is an astounding 180% growth. At the same time, 427,578,464 transactions are displayed by the Shibariumscan explorer.

Shibarium Account Growth Surges

The dramatic growth in Shibarium accounts from 127,588 on October 21 to 171,199 on October 25 was also brought to Lucie's attention. The increase is 34%.

Lucie said it's been thrilling to observe Shibarium's expansion "as we enter the early days of major developments." Additionally, she mentioned that all the teams are currently overwhelmed with work.