More than 1.6 billion Shiba Inu (SHIB) tokens are no longer in circulation as the project’s burn rate has skyrocketed in the past 24 hours.
According to new data from SHIB burn tracker Shibburn, the burn rate of the dog-themed meme asset shot up to more than 56,965%, putting out of use 1,695,572,371 SHIB.
The latest huge burn brings the total Shiba Inu tokens discarded from its initial supply to more than 410.6 trillion, according to Shibburn. The project’s circulating supply sits at around 574.1 trillion.
The Dogecoin (DOGE) competitor recently launched the testnet of Shibarium, its upcoming layer-2 scaling solution. The testnet is called “Puppynet.” It is unclear when the project will release the mainnet.
According to blockchain scanner Blockscout, more than 5 million transactions have taken place over Puppynet since it launched in March, a fivefold increase since the 1 million reported on March 31st.
Unlike the price of another meme token, Pepe (PEPE), the price action for Shiba Inu price has been relatively flat of late, trading between a range of $0.00000988 and $0.00001005 in the past seven days.
SHIB is worth $0.00001004 at time of writing, up 1.2% during the past 24 hours.
Pepe skyrocketed when news of Binance, the world’s largest crypto exchange by market cap, added the asset to its platform. PEPE soared from its low of $0.000000254 on April 28th to 0.00000375, a 1,300% gain in a week. The asset is based on a controversial meme.
PEPE is trading for $0.00000341 at time of writing, up 81.2% during the past 24 hours.
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