In a recent announcement, the official Shiba Inu X account disclosed a significant advancement as the team progresses toward a substantial SHIB burn, having already incinerated an impressive 8.24 billion tokens through Shibarium fees.
Shiba Inu Team’s Landmark: Burning 8.24B SHIB
In a notable milestone, the Shiba Inu team successfully executed its first SHIB burn powered by Shibarium, the cryptocurrency’s L2 scaling solution. This strategic move involved burning 8.24 billion SHIB tokens, amounting to $75,412, and significantly boosting Shiba Inu’s burn rate to an astounding 1548111.1%.
Shibarium, the driving force behind Shiba Inu’s recent burn, has been processing over 5 million transactions daily since December 1. Interestingly, the network witnessed a spike to 7.84 million daily transactions on December 3, just before the substantial burn.
According to Shibariumscan data, daily transactions surged to 7.86 million, contributing to the network’s impressive total transaction count of 43.51 million.
Shiba Inu Inches Closer to a Major SHIB Burn
In response to the escalating transaction volume on Shibarium, Shiba Inu expressed its proximity to a substantial burn. The surge in Shibarium transactions resulted in the expenditure of thousands of BONE tokens on transaction fees within the SRC-20 minting process.
Despite maintaining transaction fees at less than a penny, the Shiba Inu team burned over $75,000 worth of SHIB through fees garnered from Shibarium-related transactions. Notably, the original Shibarium document outlined that 70% of Shibarium fees would be utilized to buy back and burn SHIB.
Originally, the team had scheduled the execution of Shibarium-powered SHIB burns to take place after accumulating $25,000 worth of BONE in transaction fees. However, owing to the recent surge in Shibarium transaction volume, the team accelerated its first Shibarium-powered SHIB burn ahead of schedule.
As a result, industry experts speculate that the significant increase in Shibarium’s daily transaction volume could potentially lead to the monthly burning of between 5 trillion and 20 trillion SHIB tokens.
The latest update indicates 410.67 trillion SHIB have been incinerated from Shiba Inu’s circulating supply. Nevertheless, the daily burn rate experienced a sharp decline of 99.99% in the hour leading up to the latest data.