The Shiba Inu (SHIB) burn rate has skyrocketed after more than two billion SHIB tokens were burned in a single transaction.
The Shiba Inu project has three separate tokens that serve different functions. SHIB is the primary token that serves as a decentralized, community-driven currency.
BONE is a governance token with a total supply of 250 million, allowing voting on proposals through the Doggy DAO and strengthening the Shibarium layer 2 network.
LEASH, with a total supply of 107,646 tokens, offers exclusive incentives to loyal supporters of the ecosystem, including BONE rewards and the opportunity to sell land early in the Shib: The Metaverse project.
The Shiba Inu Token Burn (SHIB) is seen as a way for holders to show their support for the Shiba Inu project.
As of 8:37 p.m. UTC on May 16, 2023, SHIB burn tracker Shibburn reports that over the past 24 hour period, over 3.03 billion SHIB tokens have been burned, with one transaction single burned 3,016,073,367 SHIB tokens .
This resulted in the SHIB burn rate skyrocketing to 26.450%.