A significant portion of SHIB was transferred to dead-end wallets in the previous 24 hours, according to the Shibburn platform, which disseminated information on SHIB burn transactions to the cryptocurrency community.
Meanwhile, the Shibarium Layer-2 solution has demonstrated its continued growth in utility by reaching a new milestone.
115 million SHIB removed from circulation
According to information provided by the aforementioned source, since Thursday morning, the SHIB community has disposed of an astounding 115,759,009 SHIB, increasing the burn rate by 1359.82%. Remarkably, a single transfer burnt a whopping 100,000,000 Shiba Inu meme coins, almost all of which had been deleted this time.
This week’s largest increase in burn rate is this one. This indicator showed a 7,700% increase on Monday, with a staggering 544,958,383 SHIB coins being moved to inactive blockchain addresses.
Moving as many meme currencies to dead addresses—addresses from which they cannot be withdrawn or spent—is the aim of these frequent and continuous SHIB burns. The coin will become increasingly rare as a result of its extended presence in these non-spendable wallets. The second-largest meme currency, SHIB, has the potential to see a substantial price increase in the future, if demand for it likewise surges.
Shytoshi Kusama’s statement on burns
The chief Shiba Inu developer, Shytoshi Kusama, recently sent a message on social media to the Shiba Inu community outlining expectations from the SHIB army and how burns should be treated.
The community only expects “magic burns,” he noted, but big SHIB burn volumes will only occur “through utility and use” of Shibarium. He emphasised that if the Shibarium blockchain is not really used, there won’t be any burns.
Then, Kusama criticised everyone who disseminates FUD, an abbreviation for “fear, uncertainty, doubt” that is often used in the cryptocurrency world. By doing this, he said, people are essentially “shooting in the foot” of the SHIB army by driving away investors, partners, and users from Shibarium.
Additionally, Shytoshi said that Shibarium requires SNS, or Shiba Name Service, and DAOs, or decentralised autonomous organisations. The latter was introduced earlier this week and enables users of Shibarium to create “human-readable addresses” for themselves in instead of utilising the conventional string of numbers and characters that represents a blockchain address.
Shibarium hits new milestone
Meanwhile, the Shibarium chain’s important indicators are rising. The Shibariumscan explorer indicates that Shibarium has now achieved a 3,780,336 transaction milestone, following its recent achievement of 3,500,000 transactions.
Following significant increases in September and October, the daily transaction count is steadily slightly above 13,000 as of this writing.
The total number of wallet addresses that are connected has reached 1,259,795, and there are 1,472,727 mined blocks.
