In a concerted effort to transform the SHIB meme coin into a scarce asset, both the Shiba Inu community and developer team have made significant strides. Data from the Shibburn cryptocurrency tracker indicates a remarkable surge in the burning of SHIB coins in March.

Unprecedented Burn Rate Increase

The data reveals a substantial dent in the Shiba Inu supply, with a staggering 15,644,329,668 SHIB coins being transferred to unspendable wallets during the month. This amount equates to nearly $454,154 at the time of writing this article. The total monthly SHIB burn rate skyrocketed by an astonishing 2,330%, according to Shibburn’s data.

The SHIB developer team executed the majority of the billions of SHIB coins removed from circulation. On March 9, they initiated a significant burn, incinerating a whopping 13,610,153,841 SHIB coins, along with substantial amounts of BONE and LEASH tokens. Prior to this, between late November and February, the SHIB team obliterated almost 40 billion Shiba Inu coins.

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Utilization of Shibarium Fees

These burns were facilitated by using funds generated from Shibarium fees. A portion of the transaction charges paid by users in BONE were converted into Shiba Inu and subsequently transferred to unspendable wallets, where they are locked away indefinitely.

Furthermore, these actions underscore the commitment of the Shiba Inu community and the developer team to enhance the scarcity of the SHIB coin. Consequently, this ongoing initiative has contributed significantly to the reduction of the circulating supply of SHIB coins, thereby potentially increasing its value over time.