Shiba Inu's burn rate soared over 340% in the past 24 hours, leading to a 2% price uptick to $0.00001350. Meanwhile, Shibarium is close to hitting 420 million transactions, signaling robust growth in the network's infrastructure.

SHIB Burn Rate Surges by 340%, Boosts Price

One of the most important parameters for Shiba Inus, the burn rate, has seen a huge surge, increasing by several hundred percent, according to the most recent update released by the Shibburn wallet tracking website.

The overnight transfer of millions of meme currencies to burn blockchain wallets is responsible for this. At the same time, there has been a huge spike in the price of Shiba Inus.

According to the SHIB tracking software, the daily burn rate has increased by 340.27% in the past 24 hours.

Burned Meme Coins Reach 11 Million

Meme currencies trapped at unspendable blockchain addresses have increased in quantity to 11,080,178, a significant increase from the 2,516,677 SHIB that were burned yesterday, when this burn metric showed a decrease of around 20%.

The data source has confirmed to U.Today that seven burn transfers have been recorded thus far, with the biggest one holding a total of 10,007,448 SHIB. Even a million Shiba Inu coins couldn't cover the value of the remaining deals.

Shibarium Transactions Drop Below 4,000

The number of daily transactions on the layer-2 Shibarium blockchain is still low, according to data released by the Shibariumscan explorer. From 5,430 transfers on September 11th to 3,810 on September 12th, this measure shows a precipitous decline.

The SHIB burn rate is directly affected by the volume of transactions on Shibarium, as a percentage of the gas fees paid in BONE tokens are transformed into Shiba Inu currencies and burned automatically.

Automatic Burn Feature Powers Shibarium's Efficiency

A number of tens of billions of SHIB's native meme coins were destroyed by hand in 2023 (November and December) and 2024 (January). The most recent big update to the layer-2 network now automatically performs these burns.

After only around 13 months since its start in August of last year, Shibarium is quickly approaching a big new milestone with an overall transaction count of 420 million.

1.8 Million Wallets Connected to Shibarium

That statistic is at 418,180,344 right now. There are 1,814,776 wallets linked to Shibarium, and 6,807,807 blocks have been generated by the network.

The second-largest meme coin's price has climbed about 2% in the last day, reaching the $0.00001350 price level. Over the past seven days, the Shiba Inu has largely remained inside this range.