‘Dogecoin Killer’ Shiba Inu Is Now The Third-Largest Ethereum Burner

Data shows that Shiba Inu (CRYPTO: SHIB) is now a top Ethereum (CRYPTO: ETH) burner.

What Happened: According to blockchain explorer Tokenview, Shiba Inu burnt 815.47 ETH worth $3.5 million in the last 24 hours.

The Dogecoin (CRYPTO: DOGE) rival ranked third on the leaderboard of top ETH burners, surpassed only by stablecoin Tether (CRYPTO: USDT) and decentralized exchange Uniswap’s (CRYPTO: UNI) V2 Router.

Burning tokens effectively removes them from circulation — a feature introduced by EIP-1559 enacted in August 2021.

So far, the network upgrade has destroyed more than 670,000 ETH, which equates to around 50% of the new coins issued over the same period.

The amount of ETH burned is directly related to network usage. After Shiba Inu’s gargantuan 800% rally this month, the subsequent growth in network activity is hardly surprising.

According to Defi Llama, the total value locked in Shiba Inu staking DEX ShibaSwap has doubled to $527 million this month.

As of Friday, there are 837,869 Shiba Inu holders, according to CoinMarketCap. Despite the strong growth in active addresses, however, data shows the top 10 holders are in control of 71.9% of the coin’s circulating supply.

SHIB Price Action: At press time, SHIB was trading at $0.00007396, down 11.76% in the last 24 hours. 

Photo by Patrick Hendry on Unsplash.

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