Surge in SHIB Burn Rate Leads to Massive Circulation Reduction
According to the Shibburn wallet tracker, the burn rate of SHIB has experienced an unprecedented surge of 161,540% in the past 24 hours. This surge has resulted in over eight billion SHIB being removed from circulation.
However, despite the significant increase in the burn rate, the price of SHIB has not followed suit, showing a decline of 2.61% over the same time period.
The total number of SHIB that has been burned this time amounts to a staggering 8,593,932,621 meme coins. This process involved ten transactions, with the majority of the burned tokens being transferred to dead-end blockchain addresses in a single move, totaling 8,533,564,693 SHIB nine hours ago.
Data from Etherscan reveals that the second and third largest burn transactions consisted of 24,000,000 and 20,000,000 SHIB, respectively, occurring fifteen and seven hours ago. Interestingly, these eight and a half billion Shiba Inu tokens were burnt by the Shiba Inu team itself, as indicated by the data source.
This marks the third instance this month where the Shiba Inu developers, led by the pseudonymous Shytoshi Kusama, have burned over eight billion SHIB.
The burning process involves utilizing Shibarium fees, which gradually convert BONE tokens into SHIB. Earlier this month, it was reported that the SHIB team had set aside $1,000,000 worth of Bone ShibaSwap coins for burning.
While some have suggested burning not only SHIB but also some BONE tokens, Shytoshi Kusama clarified that only SHIB should be transferred to unspendable wallets.
Shibarium Sets New Utility Record
READ MORE Big Buzz in the SHIB Community with Recent Post on X Platform
In other news, Shibarium, a layer-2 solution, has achieved a new milestone by surpassing 160,000,000 total transactions. Although the daily number of transfers has slightly declined from 7.8 million to 5.53 million at the time of writing, Shytoshi Kusama emphasized on Twitter that a global expansion of Shibarium utility is crucial for impactful SHIB burns. The involvement of more developers, investors, and partners is seen as beneficial for both the burns and the SHIB community as a whole.
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