According to the latest data provided by Shiburn researcher, the SHIB community has sold millions of SHIB coins in the last 24 hours, significantly increasing the SHIB burn rate.

Meanwhile, Shibarium is noted to be approaching a historic milestone in one of its key utility metrics.

SHIB burning rate increased by almost a thousand percent

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Shiba Inu, the second-largest meme coin by market cap, saw its burn rate increase by a massive 968 percent, with a total of 15,919,048 SHIB coins transferred to the “Inferno” wallet, Shiburn reported. Almost this entire amount of SHIB was lost in a single transfer made 20 hours ago. This removed 14,807,888 Shiba Inu from the circulating supply.

These burns are largely performed on layer-2 blockchains. shibariumThis was accomplished with the help of, as many projects have built on it and launched NFTs.

Shibarium is about to reach a major milestone

ShiberiumScan Explorer shared that Shiberium is just shy of reaching the historical milestone of 4 million transactions. Currently, the total number of transactions has been recorded at 3 million 934 thousand 662. Today the number of daily transactions has increased to 13 thousand 210 from the level of 10 thousand reached in October and which was there till recently.

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