After experiencing a downward trend in recent days, the SHIB burn rate has witnessed a significant increase, accompanied by a slight overnight price rise.
Data from the Shibburn explorer reveals that the Shiba Inu community has successfully burned a total of 50,258,924 SHIB within the past 24 hours, equivalent to approximately $378 in value.
In the last 24 hours, the Shiba Inu community executed four burn transactions, resulting in the elimination of a substantial amount of SHIB tokens.
The two largest burn transactions accounted for 27,502,303 SHIB and 12,034,353 SHIB, respectively. In the past seven days, the community has burned a total of 638,400,947 SHIB, indicating a decrease of more than 37% compared to the previous week.
The practice of burning tokens aims to reduce the circulating supply, increase scarcity, and potentially drive the price of SHIB upward.
The Shibarium testnet, known as Puppynet, has recently achieved remarkable milestones, as reported by Puppyscan.
The transaction count on Shibarium beta has experienced a significant surge, adding several hundred thousand transactions to reach a total of 25,665,558.
Just days ago, the transaction count surpassed 25 million after witnessing a million transaction increase in a span of only two days.
Additionally, the number of wallets linked to Puppynet has reached a substantial milestone of 17,005,447. These milestones demonstrate the growing activity and engagement within the Shibarium ecosystem.