Shiba Inu coins, which were originally based on memes but have ambitiously developed into something greater than that, are continuously being collected by the SHIB army and sent to inactive wallets in an effort to lower their supply.
According to the Shibburn tracker, a significant amount of Shiba Inu has been burnt during the past 24 hours, moving the burn rate statistic into the favourable range.
SHIB burn rate jumps 151%
According to Shibburn, 86,928,845 Shiba Inu meme coins have been transmitted to “inferno” wallets in the previous 24 hours. It required 17 transactions, the two largest of which contained 17,286,998 and 12,834,567 SHIB, respectively.
Token burning are intended to reduce the amount of SHIB tokens in circulation to the point where they are in such little quantity that they are extremely expensive. However, despite the fact that around 50% of the total supply of SHIB—or half—has already been burnt, the price of the meme coin has not yet been significantly affected.
Tremendous SHIB burns promised by the SHIB team
An excerpt from the “SHIB paper,” which claimed that the introduction of the Layer 2 solution Shibarium would ensure a decline in the amount of SHIB in circulation but cannot guarantee an increase in price, was shared by Lucie, the Shiba Inu team’s official marketing expert, in an X post yesterday.
The SHIB community anticipated the arrival of Shibarium for more than a year, among other things anticipating the start of massive SHIB burning. As a portion of the petrol cost paid in BONE will be transformed into this meme coin and afterwards relocated to unspendable wallets, each transaction on Shibarium will guarantee that a certain quantity of Shiba Inu will be burnt. When the Shibarium activities are running at full capacity, trillions of SHIB are anticipated to be burned each week.
Relaunched Shibarium expands rapidly in these metrics
Shibarium’s mainnet, which was reactivated on Monday of this week, is still expanding quickly as more and more users sign up for it. The number of connected wallets increased over the last day from 300,000 on Wednesday to 431,972 today.
The overall number of transactions has also seen a huge increase, going from about 520,000 to 599,508. Shibarium now has 384,504 newly constructed blocks, having added around 14,500 over night.
