As Shiba Inu projects are getting massive attention from cryptocurrency investors, the latest data shows that Shiba Inu's network burn rate has spiked more than 26,000% in the past 24 hours, according to WatcherGuru reports. As per the data, 1.4 billion Shiba Inu tokens have been burned.
Earlier reports suggest 'Archangel' a member of the SHIB team had announced that a decentralized exchange called the Shibaswap 2.0 is under development and it is also said to have its own burn portal.
Around mid-March, Ethereum-based altcoin Shiba Inu team also launched the Defense Breed project, which focuses on transparency and protection of SHIB community from scams and malicious attackers, who try to take advantage of the SHIB meme token users.
Recently, the SHIB team also announced the launch of Shiba Inu's virtual lands, or SHIB : The Metaverse and has released the details regarding the bidding of 100,000 plots of land available in the virtual environment of the new project.
According to the team, users will be able to purchase a total of 36,431 plots across four districts in the "introductory phase" of the new metaverse.
These new projects has accelerated the burn rate of Shiba Inu at a rate that overtakes even the burn rate of the second largest cryptocurrency after Bitcoin, Ethereum (ETH).
Reportedly, SHIB's burn rate as of March 14 was 6,700%, which resulted to the destruction of 745 million SHIB tokens in a day while the Ethereum network destroyed a little over 4,000 ether in the previous 24-hour period.
As the Ethereum Network burnt $13.2 million on the last day, its 24-hour worth is significantly more valuable than burning 1.4 billion SHIB tokens, which are worth only $34,554. Meanwhile, with many developments this year, SHIB could reach a new All-Time High (ATH).
Shiba Inu Down by 4.19% in 24 Hour-trading Period
At the time of publishing, Shiba Inu (SHIB) token was trading at $0.00002349, down by -4.19% in the last 24 hours while the world's largest cryptocurrency Bitcoin (BTC) was trading at $41,587.73, which is down by 2.27% in a 44-hour trading period as per cryptocurrency exchange platform CoinMarketCap.