The popular Twitter/X account @ShibBPP, which features Shiba Inus, posted a message that has excited the SHIB community. According to the statement, BONE tokens valued at more than a million USD are prepared to be converted into SHIB and burned.
It tweets, “Who is pushing the button?” A total of 1,396,569 BONE, or $1,028,306, are awaiting payment on Shibarium because to transaction fees. There is a little catch, though, which prevents the squad from burning up all of these BONE once they have been converted to SHIB.
Even while the SHIB community is talking about this potentially amazing SHIB cremation, only 2.8 million Shiba Inus have been moved to dead-end addresses, indicating a little rise in the actual burn rate.
https://x.com/ShibBPP/status/1734634721748074560?s=20
Here’s the deal with SHIB burns on Shibarium
The majority of the costs associated with transactions on Shibarium are deducted in the form of Bone ShibaSwap (BONE) tokens, which will be used to fund the platform’s operations in part and to convert part of the amount into SHIB, which will then be transferred to blockchain wallets that cannot be spent.
It’s possible that the 1,396,569 BONE stated above hasn’t yet been split into portions to be burnt and portions to be retained for the development team. As a result, there haven’t been any astoundingly large Shiba Inus burnt in the community yet.
Regarding the latest burns, the SHIB community has burned 2,886,049 SHIB in total during the previous 24 hours, according on the Shibburn wallet tracker. As a result, the burn rate increased by 49.04% overall. 1,918,173 SHIB of this total were destroyed in a single action.
Shibarium smashes crucial new records
Shibarium, a layer-2 blockchain, has been breaking records lately; in particular, the number of transactions it has completed has increased dramatically. It surpassed the five million mark last week. This metric’s values surged to beyond 50, then 66 million, and are currently rapidly reaching 98 million transactions overall this week.
According to the Shibariumscan explorer, daily maxima in transfers of Shibarium have also been quite high, ranging from seven to eight million since December 2.
There are now 1,307,305 wallets linked.
