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The loyal community of Shiba Inu continues to diminish the circulating supply of its meme cryptocurrency relentlessly, and this is reflected in the recent explosive growth of the SHIB burn rate metric.
Over the past day, it has demonstrated a five-digit surge, with more than half a billion meme coins transferred to “inferno” wallets.
SHIB burns skyrocket 16,717% in 24 hours – 600 million SHIB in one go
Data shared by the on-chain tracker Shibburn reveals that during the past 24 hours, the SHIB army has succeeded in reducing the SHIB supply by burning a staggering 602,041,022 SHIB in total.
This massive burn helped propel the burn rate metric by an impressive 16,717.70%. The majority of the burned tokens were moved to an unspendable wallet forever in a single transfer, carrying 600,701,531 SHIB and made by an anonymous wallet.
As for the weekly burn rate, it has gone up by 369.03% thanks to a total of 616,409,987 SHIB destroyed over the past seven days.
SHIB-BONE burn poll and Shytoshi Kusama
As reported by U.Today previously, the SHIB team, led by the mysterious Shytoshi Kusama, has launched a poll on its website, welcoming SHIB and BONE holders to vote on the future fate of meme coin burns.
Users can choose among the voting options whether only SHIB tokens will be burned in the future or BONE will be added to them, and in what proportion they will be burned. SHIB and BONE holders are using their BONE tokens to vote.
By now, roughly 265,000 BONE have been used in this voting. The majority of users have voted for the “BONE ≤ $2 burning BONE, BONE ＞ $2 burning SHIB” option, using 234264.884 BONE tokens.
As a reminder, these burns take place thanks to any activity on the layer-2 network, Shibarium. A portion of gas fees, which are paid in BONE, are set aside by the developer team and then converted into SHIB to be burned after a certain amount of BONE is collected. Until now, it was mostly SHIB tokens that have been burned this way.
Vladislav Sopov
U.Today Editorial Team