Shiba Inu burn rate reaches 26,000% in one day, destroying 1.4 billion SHIB in 24 hours

On Saturday, meme based second largest cryptocurrency Shiba Inu burned a large number of tokens in the last 24 hours. According to statistics, the network's destruction rate increased by 26,592%, resulting in the destruction of 1.4 billion SHIB.

Shiba Inu Burn Rate Increases Significantly

On February 22, members of the SHIB team known as "Archangel" revealed that the project will include a decentralized exchange (dex) called Shibaswap 2.0 as well as a destruction portal. The gateway is designed to help increase the supply of deflation, and SHIB team members created a project called Defense Breed in mid-March to defend the square.

The Defense Breed aims to improve SHIB's "communication and transparency" as well as "protect the ecosystem from any hostile promoters or individuals who seek to exploit the community. The shiba inu (SHIB) supply is now burning tokens at an unusually high rate, significantly faster than ethereum's burn rate.

According to shibburn.com, 1.4 billion SHIB were burned at a rate of 26,592% on the last day. On March 14, SHIBs were destroyed at a rate of 6,700%, with 745 million SHIBs destroyed in a single day. in comparison, in the last 24 hours, the Ether. The network destroyed 4,09 Ether burned in 24 hours worth significantly more, with $13.2 million burned in the last day. On the other hand, the value of the 1.4 billion tokens burned by SHIB was only $34,554.