The Shiba Inu community has witnessed an astonishing surge in SHIB token burn rate, skyrocketing by a staggering 317%. In the last 24 hours, the community took a resolute step towards reducing SHIB’s circulating supply by incinerating over 130 million SHIB tokens.
More Than 130M Has Been Burned as Burn Rate Rise by 317%
Fueled by their unwavering dedication to reducing SHIB’s circulating supply, the Shiba Inu community successfully burned a significant 130.52 million tokens within just 24 hours.
Of this substantial figure, a remarkable 100.77 million SHIB were annihilated in a single transaction.The entity responsible still remains shrouded in mystery.
Today, at 02:21 (UTC), a noteworthy burn event occurred as an anonymous user sent 12.89 million SHIB to Shiba Inu’s dead wallet. With the incineration of over 130 million tokens within 24 hours, the canine-themed cryptocurrency’s burn rate has surged by 317.41%.
Individual Burning Actions Show Promising Putcomes, Yet Further Efforts are Required
The united efforts of the Shiba Inu community have undeniably yielded positive results. To date, a monumental 410.65 trillion SHIB have been eliminated from the cryptocurrency circulating supply. However, despite this commendable effort, SHIB continues to boast a substantial circulating supply of 579.62 trillion.
It is evident that additional measures are required to further reduce SHIB’s circulating supply. These has led the community to place their faith in the Shiba Inu team’s promise of intervention.
In response, the team has outlined their plan to employ Shibarium –the cryptocurrency’s Layer-2 blockchain, in ongoing SHIB burn initiatives. They have committed to allocating a portion of Shibarium transaction fees to burn SHIB. Initially having these transaction fees in BONE, they have committed to converting and directing them to SHIB’s dead wallet.
Accumulating BONE for Shibarium-Powered SHIB Burns
In recent development, the Shibburn team introduced a medium of tracking the accumulation of BONE for SHIB burn purposes. These comes in after an immense desire for community transparency.
Moreover, Shibarium records 2.9M transactions and 1.25M wallets. In estimate they require 6.44 quadrillion transactions for $25,000 in BONE to incinerate SHIB.