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

"Burning SHIB is a core aspect of our ecosystem," said Shiba Inu team member.

In the last five hours, just three addresses have burned 59,998,118 SHIB, or $1,448 at today's SHIB conversion rate. SHIB has had a tough week, with the meme-token falling 7.6% in the last seven days. On the other hand, SHIB has gained 39,795% against the dollar so far this year.

SHIB is the second largest meme-based asset in terms of market valuation, behind Dogcoin (DOGE). DOGE has a market cap of $19.1 billion, while SHIB has a market cap of about $13.2 billion, ranking 15th out of 13,617 cryptocurrencies in terms of market cap.

According to SHIB project organizers, Breed will be responsible for screening partners, collaborations and new initiatives, according to The Defense. A member of the SHIB team named "Trophias" emphasized the importance of the SHIB burning gateway in a blog post about the defense variety. "Burning SHIBs is an important part of our ecosystem, and we are constantly working on new ways to burn SHIBs through utilities," Trophias said at the time.