Shib jumps 1,932% with major metrics as supply decreases 2,190,152 shibes

Shiba Inu has seen a decline in supply over the last 24 hours, resulting in the associated metrics rising sharply.

Burning refers to the mechanisms Shiba Inu has reduced total supply and is being driven by the community and burn initiatives of the Shiba Inu ecosystem.

According to Shibburn, a total of 2,190,152 Shibs have been reduced from Shiba inu circulation supply in the last 24 hours, resulting in a surge in burn rates of 1,932.59%. The surge in burn rates comes as just 106,219 shiv tokens were burned the day before September 12th. Due to the large differences, Shiba Inu's daily burn rate has skyrocketed by over 1,932%.

As Shiba Inu Burns continues, trillions of tokens have already been removed from the initial total supply of Shiba Inu of one quadrillion token.

The latest burns of 2,190,152 Shiv tokens have brought Shiba Inu total supply to 589,247,707,940,580 Shiv tokens.

The daily burn rate is rising, but the reverse is seen every week as there are fewer tokens than in the past seven days. According to Shivburn, 3,821,149 Shiv tokens have been burned over the past seven days, reducing the weekly burn rate by 81.12%.

Shibu News

Shiba Inu has fallen after what could be considered a bullish week in most cryptocurrencies.

At the time of writing, Shiv fell 5.15% to $0.00001375 over the past 24 hours, but increased by 11% per week. Bone, a gas token for shybarium, suffered even greater losses, dropping 13% to $0.20.

Shibarium, Shiba Inu's Layer-2 network, suffered a weekend-adjusted exploit as the attacker used a flash loan to purchase 4.6 million bone tokens and gained a majority of validator power. Transactions like flash loans were repaid using assets emitted from the bridge, including 224.57 ETH and 92.6 billion Siv.

The bone jumped up immediately after the attack, and at one point it rose 40% higher before it fell.