The Shiba Inu community burn initiative may have just set a new record with the number of tokens burned in the last 24 hours. The community will undoubtedly be brimming with optimism as to the promising future of the and its ecosystem. 

Over 8 Billion Shiba Inu Burned In The Last 24 Hours

According to data from the , over 8 billion Shiba Inu tokens have been burned in the last 24 hours. As a result of this record, the burn rate jumped by 7424294.41%. Interestingly, one transaction accounted for the bulk of the tokens burned, with 8,241,856,589 SHIB to a dead wallet.

Source: Shibburn

This development continues a recent trend that has SHIB’s burn rate continuing to spike. Sometime last week, the token’s burn rate in a single day, with over 264.2 million SHIB tokens burned. This came after 2.7 million SHIB tokens had just been burned the previous day. 

Related Reading: Bitcoin Cycle Analysis And Macro Factors Reveal When Price Will Reach $125,000

Meanwhile, the single transaction that led to 8.2 billion SHIB tokens being burned was due to the spike in network activity on Shibarium. , noted in an X post that the layer-2 network experienced a continuous rise in gas fees, which led to exponential growth in the burn rate. 

Shibarium’s Role In SHIB’s Burn Rate

significant role in the Shiba Inu burn rate has become evident. Notably, the Shibarium allocates a portion (70%) of the network’s base fees for SHIB burns. The spike in SHIB’s burn rate is expected to be on the rise even as Shibarium continues to enjoy greater adoption. Shiba Inu’s Marketing Lead, Lucie, had once the community to use Shibarium so that more SHIB could be burned. 

SHIB community members seem to be now heeding her advice as the number of transactions on the . The layer-2 network is to have witnessed a transaction count spike of more than 47,000% in less than a week. In that period, Shibarium has surpassed the milestones of 5 million, 10 million, and 20 million in rapid succession.

Shibarium doesn’t seem to be slowing down anytime soon, as the currently stands at over 35 million at the time of writing. The SHIB community will be hoping that this run continues as it is undoubtedly bullish for the meme coin’s price. 

In an posted on the Shib Blog, the correlation between Shibaroum’s transaction volume, gas fees, and Shiba Inu burns was resounded. The author noted that the burn rate would continue to grow exponentially as Shibarium experiences an increase in the number of transactions and a significant increase in gas fees. 

SHIB price shows high level of volatility | Source: