Off the back of the much-anticipated Shibarium launch, the SHIB burn rate has seen a tremendous rise. This surge in the burn rate comes despite the Layer 2 blockchain running into problems on the day of its launch last week, and still being in private mode. But while it could point to renewed vigor among the meme coin’s investors, something else seems to be driving this accelerated burn rate.
SHIB Burn Rate Is Up 1,108% In One Day
According to data from Shiba Inu burn tracking website Shibburn, there has been a remarkable increase in burn rate in the last 24 hours compared to the prior day. In total, there have been over 1.046 billion tokens burned, which translates to a 1,108.78% increase during this timeframe.
This is in stark contrast to the previous day’s figures which came out at around 100 million tokens burned. However, while the jump in burn rate is interesting, the address doing most of the SHIB burn is even more interesting.
Looking at the burn addresses posted by Shibbur
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