The rate at which Shiba Inu ($SHIB) tokens are being destroyed, commonly known as the “burn rate,” has seen an astonishing increase.
SHIB serves as the primary token in the Shiba Inu ecosystem, providing a decentralized currency that is community-driven and accessible to a global user base. Launched on the Ethereum blockchain in the latter part of 2020, SHIB has quickly gained global traction and is now accepted for payment at a wide array of establishments, either directly or through intermediary services.
Within the Shiba Inu ecosystem, BONE acts as the governance token and has a total supply of 250 million. Created to give the community, often referred to as the Shib Army, a voice in decision-making processes, BONE enables members to vote on various proposals via the Doggy DAO. Moreover, BONE is the foundational element for the ecosystem’s own Layer 2 network, known as Shibarium.
With a limited supply of only 107,646 tokens, LEASH is targeted at the ecosystem’s most devoted supporters. It offers a variety of exclusive advantages and access rights. Past benefits have included additional BONE rewards for liquidity providers on the ShibaSwap platform, exclusive rights to mint Shiboshi NFTs, and early-bird access to land sales within the Shib: The Metaverse project.
According to data from the Shibburn website, the burn rate has surged by 5,892% within the last 24 hours. A total of 264,854,466 SHIB tokens were destroyed during this period.
In total, 410,661,831451,888 tokens from the initial supply have been burnt so far.
At the time of writing, SHIB is trading at around $0.00000798, which gives it a market cap of around $4.69 billion, making it the 20th most valuable cryptoasset by market cap. SHIB is up 2.74% and 12.15% in the past 24-hour period and the past seven-day period respectively.