Shiba Inu’s ‘burn rate’ reached weekly highs as 325 million SHIB tokens were removed out of circulation this week. At present, Shiba Inu’s burn rate surged 332% in the last 24-hours making it the biggest ‘burns’ achieved in June.
“In the past 24 hours, there have been a total of 324,211,278 SHIB tokens burned and 15 transactions. View the overall total of SHIB tokens burned, circulating supply, and more. ShibArmy,” tweeted the official handle of ShibBurn.
The recent burns were initiated in 15 different transactions and the list of proceedings is available for viewing here.
The ‘burns’ comes at a time when the cryptocurrency market is experiencing a bloodbath and top coins are down double digits. Leading cryptos are down more than 60% from their all-time highs and have shed gains it created in 2021.
Read More: Shiba Inu Buying Pressure Reaches Yearly Highs
Also, the trading volume for Shiba Inu has spiked this week despite the token plummeting in the indices. The dog-themed token has been attracting heavy buying pressure on Coinbase with 81% of users keeping it on ‘buy’ while only 19% of users keeping it on ‘sell’ in Coinbase.
This indicates that investors are buying the dips on Shiba Inu and making good use by accumulating more tokens. In addition, ETH whales are going all-in on Shiba Inu as ‘BlueWhale0073’ purchased 356 billion tokens worth $3 million today.
The demand for Shiba Inu tokens has not dipped despite the market crash and the token still commands investors’ attention. Investors believe SHIB to be a low-hanging fruit available at an affordable price that could skyrocket in the future. Nonetheless, will SHIB deliver better returns or spiral downwards in the coming years, only time will tell.
Shiba Inu: Upcoming Releases
Shiba Inu is plush with developments as several releases are scheduled in the pipeline. The much-awaited Shibarium is now the talk of the town within the community who believe that the layer-2 network will help the token scale up sustainably. However, a tentative release date for Shibarium is not made public yet.
Read More: Shiba Inu to Reach $0.01 in 2032?
Its lead developer Shytoshi Kusama revealed in a recent Discord Q&A that Shibarium’s release could be “soon”. Also, its ecosystem is expanding with SHIB: The Metaverse which is expected to be launched by the end of 2022. The ‘burns’ could intensify after Shibarium and the Metaverse is released as they might come with a built-in ‘burn mechanism’.
At press time, Shiba Inu was trading at $0.00000808 and is up 6.6% in the 24-hours day trade. However, it is down 90.7% from its all-time high of $0.00008616, which it reached in October last year. SHIB, during that period, had gone parabolic and had jumped 1,000% in the indices in just 30-trading days.