At the start of the new week, there has been a significant increase in the daily burning of Shiba Inu tokens, with over half a million of these meme coins being sent to inactive wallets. Meanwhile, the price of SHIB, the second-largest dog-themed cryptocurrency, has experienced a slight 1% gain following a 4% decline since Sunday.
601 Million SHIB Sent to Burn Wallets
Data from the Shibburn wallet tracker reveals that the SHIB community witnessed significant activity in the past 24 hours. During this period, the circulating supply of SHIB decreased by a total of 601,643,004 Shiba Inu tokens.
Notably, the largest transactions sent to inactive wallets involved approximately 20 million Shiba Inu tokens each, as indicated in the recorded burn transactions table. This recent lump of burned SHIB tokens surpasses the amount burned on Monday by around 100 million SHIB, with a total of 601 million tokens burned compared to 559 million Shiba Inu.
Related article: Shiba Inu: Potential Path to $0.0001 and Eliminating Two ‘Zeroes’
New Utility Milestone Achieved by Shibarium
In recent updates, the Shibarium testnet has achieved a significant milestone in terms of utility. Over the past few days, the total number of transactions on the testnet has surged by approximately 1.5 million, reaching an all-time high of 28,645,428. The number of wallet addresses connected to the Puppynet test chain remains steady at 17,061,463.
The launch of the Shibarium mainnet is expected to take place after August 16, which coincides with the conclusion of the Eth Toronto conference in Canada. Shytoshi Kusama, a virtual speaker at the conference, is anticipated to promote all SHIB-branded projects and engage in detailed discussions about the Shibarium launch, as mentioned in a recent Medium blog post by Kusama.
However, Lucie, a key member of the SHIB team, posted a reminder on Twitter stating that there is no exact date for the Shibarium launch. Nevertheless, she mentioned that the developer team is nearing the release of the Layer 2 protocol.
Following a 4% decline since Sunday, the Shiba Inu (SHIB) token has been attempting to recover. It managed to regain 2.27% on Monday, but the price growth was short-lived. Today, SHIB experienced a 1.52% increase earlier, but it has since dipped slightly.
According to Coinmarketcap data, the Shiba Inu is being traded at $0.00000755 with an increase of 0.17% within the last 24 hours.