A mind-boggling number of Shiba Inu tokens have been taken out of circulation permanently, leading to an incredible surge in burns. The Shibburn wallet tracker reports a staggering 161,540% increase in the SHIB burn rate in the last 24 hours.
This substantial rise in the key metric means that more than eight billion Shiba Inu tokens are no longer in circulation. Interestingly, the SHIB price hasn’t mirrored the burn rate, showing a 2.61% decline over the past day and night.
Enormous SHIB Burn: Over 8.5 Billion Tokens Removed
In a significant move, the Shiba Inu community witnessed a substantial burn, with a staggering 8,593,932,621 SHIB tokens taken out of circulation. The process involved ten transactions, with the majority transferred to dead-end blockchain addresses, totaling 8,533,564,693 just nine hours ago.
The second and third most substantial burn transactions comprised 24,000,000 SHIB and 20,000,000 SHIB, occurring fifteen and seven hours ago, respectively. Notably, data from Etherscan reveals that the Shiba Inu team orchestrated the removal of 8.5 billion SHIB from circulation.
This marks the third instance this month where the Shiba Inu developers, led by the pseudonymous Shytoshi Kusama, burned over eight billion meme coins. The ongoing strategy involves utilizing Shibarium fees, gradually converting them from BONE tokens into SHIB. Earlier this month, it was reported that the SHIB team set aside $1,000,000 worth of Bone ShibaSwap coins for burning.
While some suggested burning both SHIB and BONE tokens, Shytoshi Kusama clarified that the focus is solely on transferring SHIB to unspendable wallets, emphasizing a specific approach to the burn initiative.
Shibarium Achieves 160 Million Transactions and Strategic Plans for SHIB Burns
Shibarium, the layer-2 solution, has achieved a significant milestone by surpassing 160 million total transactions. While the daily number of transfers has slightly decreased from 7.8 million to 5.53 million at the time of this writing, the overall utility record remains impressive.
In a recent Twitter thread, Shytoshi Kusama emphasized the importance of globally expanding Shibarium’s utility to facilitate impactful SHIB burns. Kusama highlighted that the involvement of more developers, investors, and partners is crucial for enhancing the effectiveness of burns and fostering the overall growth of the SHIB community. This strategic approach aims to harness the potential of Shibarium in driving meaningful developments within the Shiba Inu ecosystem.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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