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As the new week kicked off, the amount of SHIB burned daily has been rising extensively as half a million plus of these meme coins have been sent to dead-end wallets.
In the meantime, the price of the second largest dog-themed cryptocurrency SHIB has gained a marginal 1% after a 4% decline since Sunday.
601 million SHIB sent to "inferno" wallets
According to data shared by the Shibburn wallet tracker, the past 24 hours were notable for the SHIB army as, during this period, the circulating supply of SHIB shrank by a total of 601,643,004 Shiba Inu.
The largest lumps sent to dead wallets carried roughly 20 million Shiba Inu each, Shibburn shared in the table of registered burn transactions.
The above-mentioned comprised SHIB lump exceeds the one burned on Monday by approximately one hundred million SHIB — 601 million versus 559 million meme coins.
In the past 24 hours, there have been a total of 601,643,004 $SHIB tokens burned and 65 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more.
— Shibburn (@shibburn) July 11, 2023
Shibarium smashed new utility record
As reported by U.Today earlier, over the past few days, Shibarium testnet has hit a significant new utility milestone. Within the last week, the total transaction count has surged by roughly one and a half million, reaching a 28,645,428 all-time high.
The number of wallet addresses connected to the Puppynet test chain remains at 17,061,463.
The launch of the Shibarium mainnet is expected to occur after Aug. 16 — this is when the Eth Toronto conference in Canada ends. At the conference, Shytoshi Kusama will be a virtual speaker, all SHIB-branded projects will be publicized and detailed discussion of the Shibarium launch are likely to take place, according to a recent blog post published by Kusama on Medium.
Still, top SHIB team member Lucie posted yesterday a reminder to the SHIB army on Twitter, saying that there is no exact date for the Shibarium launch. However, she said that the developer team is close to the release of the Layer 2 protocol.
SHIB price action
After losing roughly 4% since Sunday, the Shiba Inu canine token has been making attempts to recover. On Monday, it gained back 2.27%, but then the price growth was erased. Earlier today, SHIB managed to rise by 1.52%, but since then it has gone down a little.
At the time of this writing, the meme coin is changing hands at $0.00000755 on the Binance exchange.
Godfrey Benjamin
Denys Serhiichuk
