The Shiba Inu army has succeeded in increasing the burn rate this week once more, according to the most recent update on the Shibburn wallet tracker, following the removal of a significant quantity of SHIB meme currencies from circulation.
Meanwhile, the cost of Shiba Inus is on rising, as this week saw the Layer-2 network Shibarium break yet another significant utility record.
Millions of SHIB go up in flames, price surges
The Shibburn tracker indicates that in the previous 24 hours, 11,134,759 SHIB have been permanently removed from circulation and placed in dead-end wallets, resulting in a 456% increase in the burn rate of Shiba Inu.
So far, there have been five transactions; the two biggest ones, moving 7,157,006 SHIB and 1,227,747 SHIB to “inferno” wallets, are the largest.
The SHIB community has noted on many occasions this week in the comments section beneath the Shibburn X postings that the current burns are rather modest and unlikely to have a major impact on the price of the meme currency. The SHIB price is currently trading at $0.00000822, up 6.23% over the last 48 hours. This gain is scarcely attributable to yesterday’s burning.
Here’s when large effect on SHIB price expected by Shytoshi Kusama
In fact, about half of the one quadrillion SHIB supply that was initially in circulation has already been taken out (with the majority being destroyed by Vitalik Buterin, the co-founder of Ethereum, in 2021), yet the price has not yet managed to burn through even another zero.
Shytoshi Kusama, the enigmatic and mysterious head of the Shiba Inu development team, said earlier this autumn that once the Shibarium utility spikes to record highs, he anticipates burns to take off in big chunks.
Huge burns will start to happen more quickly, according to Kusama and other SHIB team members, the more projects, developers, constructors, etc. start using Shibarium on a regular basis. But a lot of people in the SHIB community also think that a sharp increase in coin demand is necessary for a big increase in SHIB prices, and that burning alone won’t cut it.
The Shibarium token burn mechanism operates in a straightforward manner by utilising petrol taxes. These fees are paid in BONE, the ShibaSwap dex’s governance token; a portion of the payments are set away for future burns and a portion is used to fund Shibarium’s further development. The creators convert BONE into SHIB once a predetermined quantity is set aside, at which point they distribute the meme currencies to inactive blockchain addresses.
Shibarium smashes new utility record
Shibarium utility continues to grow, occasionally displaying new records and satisfying the SHIB community. As per the Shibariumscan explorer, the number of daily transactions in Shibarium has increased to a maximum of 43,690 today.
Shibarium saw a modest increase earlier this week when it reached a local high of 34,670 on November 21. Bigger spikes in this measure have, however, undoubtedly occurred in this network; the closest one occurred on October 25, when the reading increased to 62,560.
Shibarium has had a fantastic week overall, as evidenced by the fact that the total number of transactions has finally surpassed 4 million. As of right now, it is 4,131,761.
