According to data provided by the Shibburn explorer, over the past week, the SHIB army has gotten rid of a substantial amount of Shiba Inu meme coins.
Still, these burns destroyed a lot fewer SHIB than the stash that was moved to dead wallets during the week before that.
522 million SHIB set on fire
This time, cumulatively within a week, the SHIB community transferred a total of 522,956,324 Shiba Inu meme coins. Compared to the previous week, there is a decline of 63.97%.
Over the past 24 hours, per the same source of data, 35,772,688 SHIB was sent to dead-end wallets in 10 transactions. The largest one carried 12,999,999 SHIB 17 hours ago and was made by an anonymous crypto whale.
These burns pushed the burn rate 80.69% down compared to Friday, when the SHIB army disposed of around 180 million Shiba Inu.
The goal of token burns is to reduce the circulating supply of a particular cryptocurrency in order to make it more scarce. In theory, this may help to increase its price in the long run. So far, the SHIB community has managed to lock 410,651,942,289,028 SHIB in unspendable wallets in total.
Still, that does not seem to have had any significant impact on the Shiba Inu price yet.
HOURLY SHIB UPDATE$SHIB Price: $0.00000788 (1hr 0.24% ▲ | 24hr 1.71% ▲ )— Shibburn (@shibburn) July 22, 2023
Market Cap: $4,645,207,634 (1.66% ▲)
Total Supply: 589,348,058,512,923
Past hour: 2,486,716 (1 transaction)
Past 24Hrs: 34,970,737 (-80.69% ▼)
Past 7 Days: 522,956,324 (-63.97% ▼)
As the launch of the Shibarium mainnet draws nearer, the community expects trillions of SHIB to be burned on a weekly basis, since every single transaction on Shibarium will contribute to do that through gas fees, which will be paid in BONE tokens. Part of those fees will be set aside for developers and part will be saved to be converted into SHIB and then burned.
Shytoshi Kusama confirms his participation in ETH Toronto event
As reported by U.Today, the anonymous leader of the SHIB developer team confirmed the fact of his participation in the upcoming ETH Toronto event, which will take place during the Blockchain Futurist Conference in Toronto, Canada, on Aug. 15-16.
He will deliver a speech via AI and, most likely, remain anonymous without even revealing his true appearance.
The community expects that the Shibarium mainnet will be launched soon after the end of the conference as the SHIB team is really close to finishing all the preparations and rolling the mainnet out at long last, according to a recent tweet of SHIB's marketing expert Lucie.