The burn rate of Shiba Inu ($SHIB), a meme-inspired cryptocurrency, has experienced a significant surge due to the actions of Akai Token ($AKAI).
In an unprecedented burning frenzy, Akai Token moved a staggering 804 million tokens to a dead wallet. This move has propelled the burn rate of $SHIB by over 8,900% within a 24-hour period.
The AKAI project implemented a unique mechanism that levies a 4% fee on all buying and selling transactions of its native token, AKAI.
This fee is then divided, with 2% allocated to burning SHIB tokens, while the remaining 2% funds the project’s marketing initiatives.
Initially, a relatively small transaction of slightly over 310,000 SHIB tokens took place, followed by an extraordinary series of over 100 individual transactions that moved 800 million tokens to the dead wallet.
Shiba Inu has been experiencing remarkable growth in recent months. In the second quarter, the cryptocurrency witnessed explosive growth in daily new addresses on its network.
According to IntoTheBlock, daily new addresses surged to over 4,000 on June 27, representing a staggering 357% increase compared to the 877 daily new addresses recorded on May 21.
Furthermore, Shiba Inu’s layer-2 scaling solution, Shibarium, specifically its testnet called Puppynet, achieved a significant milestone by processing 25 million transactions.
PuppyScan, a block explorer dedicated to the Shiba Inu network, reported that the Shibarium testnet has a total transaction count of 25.5 million, with an average of approximately 270,000 transactions processed per day.
Shibarium marks a milestone for the Shiba Inu ecosystem, as the token currently operates on the Ethereum network. While Ethereum is renowned for its security and decentralization, it faces limitations in terms of scalability and transaction throughput.
Shibarium’s layer-2 scaling solution aims to address these challenges and provide a more efficient platform for Shiba Inu transactions.