Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a significant increase in its burn rate in the last 24 hours and since the past week.
According to the SHIB burn X's most recent update, Shiba Inu's burn rate has skyrocketed by 847% in the last 24 hours, with 31,010,900 SHIB burned in this time frame.
The figure remains higher for the week, with over 1.1 billion SHIB burned in the last seven days. According to Shibburn, 1,167,948,671 were burned since the past week, resulting in a 4,930% surge in the weekly burn rate.
Contributing to the major surge in burn rate in the week was a massive 1 billion SHIB tokens burned as the Shiba Inu Core Team marked a significant milestone with the launch of the enhanced Shiba Inu Burn Portal, ShibTorch V2.
The burn, which occurred Thursday at 4:34 p.m. UTC, saw 1,000,148,675 SHIB tokens worth $18,832.80 moved from "Shiba Inu: Deployer 2" to a designated "dead address."
Shiba Inu price is yet to match the surge in its burn rate; at the time of writing, Shiba Inu was down 6.6% in the last 24 hours to $0.00001757 amid an ongoing market sell-off that has seen $539 million wiped off in crypto liquidations across various assets. SHIB is likewise down 12.11% weekly.
Shiba Inu burns get major upgrade
The just concluded week saw the launch of ShibTorch V2, an updated version of Shiba Inu 's community burn site that is part of Shiba Inu's bigger vision, the Shiba Inu Operating System (Shib OS). This new release build is based on the initial ShibTorch, which launched last August, but adds a slew of features to speed the burning process, improve security and increase community interaction.
ShibTorch V2 is now integrated into Shib.io, the official Shiba Inu website, allowing SHIB holders to take part in the burning process. The portal is also integrated with Shibarium, Shiba Inu's Layer-2 blockchain solution.
Each transaction on Shibarium has a base fee, a portion of which is automatically routed to a burn contract. Once a certain quantity of BONE, Shibarium's gas token, accumulates within this contract, users can conduct a burn directly through the ShibTorch V2 dashboard.
