Recent hours seen several transactions carrying SHIB being burned
according to Shibburn Twitter Over 1,214,431,010 SHIB tokens have been burned in over 121 transactions in the last seven days. This represents an increase of over 100% from the amount burned in the previous week.
As reported by U.Today, 542 million SHIB, or more than half a billion, were sent to dead wallets in the previous week, adding up to the billions of SHIB burned since the beginning of August.
A number of SHIB transactions have been burned in recent hours, resulting in a slight increase in the burn rate, which was previously low. At the time of publication, the SHIB burn rate was up 5.73%, according to the Shibburn website.
Within the last 24 hours, over 215,346,231 SHIB tokens were burned in 11 transactions. In the last hour, exactly 1 million SHIB tokens were sent to dead wallets in a single transaction.
The SHIB community still considers the Shiba Inu a favorite subject, and they want to see Burns reach the trillions. As U.Today reports, both ShibaSwap 2.0 and the upcoming Layer 2 Shibarium will play a key role in SHIB’s vision of burning trillions.
Leading Shiba Inu developer Shytoshi Kusama stated that burning trillions of Shiba Inu would be a “true community endeavor.” According to him, the project is making progress in several directions. While expressing his hope that the timing is optimal, he adds that this might take some time.
Shib Bone Price Action
According to CoinMarketCap, the Shiba Inu was trading at $0.0000123 at the time of publication, a slight increase over the past 24 hours. There is still slight selling pressure in the market as the cryptocurrency attempts a rally after Friday’s heavy selloff.
Per WhaleStats data, the top 100 ETH whales are currently hodling $148,354,507 worth of SHIB.
The Shiba Inu governance token, Bone, remains up 1.77% at $1.07 against the backdrop of other crypto assets, which mostly traded in the red at press time given the recent market selloff.
