The newest Data out of Shiba Inu SHIB/USD Burn tracker Shibburn reveals the burn rate of the meme coin shot up to over 56,965%.

More than 1.6 billion Shiba Inu are no longer in circulation after the meme coin burn rate has skyrocketed over the past 24 hours.

The data shows that SHIB’s circulating supply stands at around 574.1 trillion tokens, while the recent burn brings the total number of SHIB tokens discarded from the original supply to more than 410.6 trillion.

Meanwhile, Shibarium, SHIB’s acclaimed new Layer 2 scaling solution, has now recorded over a million transactions over Puppynet, Shibarium’s testnet.

Also read: Shiba Inu achieves a 60% volume boost – here’s what’s driving the meme coin higher

Accordingly BlockScoutnearly 1,076,331 transactions have been completed on Shibarium’s testnet since it launched in its beta form in April.

At the time of writing, SHIB was trading at $0.000009532, down 8% over the past seven days.

Last month, lead developer of SHIB Shytoshi Kusama shared his thoughts on the relationship between Shiba Inu’s price and burns. In response to commenting on the Shiba Inu Telegram, Kusama said the price of Shiba Inu cannot be influenced by burns alone, arguing that new technologies and utilities need to be introduced to “consolidate our dominance,” according to Cryptglobe reported.

Last month, a massive SHIB whale expanded its portfolio to nearly 5 trillion tokens after adding 171.68 billion SHIB for about $1.88 million.

Now read: Is Shiba Inu (SHIB) a Good Investment?

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