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2.4 Billion SHIB Burned in Past Week Despite Shibarium's Labor Pains

Sat, 08/19/2023 - 20:00
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Yuri Molchan
SHIB army has removed astounding lump of SHIB from circulation while SHIB team doing their best to scale Shibarium
2.4 Billion SHIB Burned in Past Week Despite Shibarium's Labor Pains
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Shibburn crypto tracker has published an X-tweet to share the figures of the progress of Shiba Inu burns made both this week and within the last 24 hours.

An impressive amount of SHIB has been transferred to dead wallets within the last week, per the recent Shibburn tweet.

2.4 billion Shiba Inu gone forever

According to the above-mentioned SHIB tracker, within the past seven days, the SHIB community has managed to burn a total of 2,442,623,691 Shiba Inu meme coins.

That was 15.53% less than they burned the week before last, though. As for the most recent burns, over the last 24 hours, 189,084,253 SHIB were locked in unspendable wallets, pushing the burn rate 109% up compared to yesterday.

Shytoshi Kusama Shares Shibarium Update in New Blog Post, Here's Exciting Thing

Shibarium operations scaled by 1,500%

In a blog post published today, the lead developer of Shiba Inu, the pseudonymous Shytoshi Kusama, reported the progress which has been achieved in the process of Shibarium recovery and scaling this long-awaited Layer-2 solution.

The leader of SHIB developers wrote that the recent launch of the Shibarium mainnet was just made briefly for testing purposes. Now, the devs will make conclusions and continue their work. Kusama also stated that the SHIB team together with Unification and Alchemy teams have scaled Shibarium operations by an astounding 1,500%.

Besides, according to him, now SHIB devs are prepared for supporting and handling large amounts of traffic by creating several new protocols for that. SHIB developers now are aware of the traffic of what size they may face in the future as Shibarium use increases and have prepared themselves for that turn of events.

More burns to come once Shibarium is launched

Kusama promised to publish another update tomorrow when there is something to share about more progress achieved by the teams on scaling Shibarium.

Once Shibarium runs properly and as expected or shows even better performance, the SHIB community expects massive amounts of SHIB to be burned within a week — up to trillions of meme coins. Every single transaction made on Shibarium will contribute to the overall amount of burned tokens as burns will be fueled by gas fees paid in BONE tokens.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at