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Prominent wallet tracker Shibburn spreads the word about a massive removal of Shiba Inu meme coins from the total circulating supply. The burn rate has soared, reflecting that staggering burn.
In the meantime, the SHIB team has reminded the SHIB community of five reasons why they believe the BONE token has great potential.
SHIB burns soar 4,461%
The aforementioned data source revealed that the burn rate jumped four figures — to 4,461%. This rise was provoked by the burn of 3,166,534 meme coins. Almost all of that amount was burned in a single move as 3,062,046 SHIB were transferred to a dead-end wallet.
Still, over the past week, a much greater SHIB chunk was torched, and it constitutes 627,973,941 SHIB. The weekly burn rate increase comprised 364.72%, with around 600,000,000 SHIB burned in a single transfer to an unspendable blockchain address.
Five reasons why SHIB team believes in BONE
Earlier this week, the SHIB-affiliated account @Shibizens shared five reasons why they are certain that the BONE price will not only survive but also climb up.
BONE ensures real utility on the layer-2 blockchain, Shibarium, as it powers every transaction, acting as the gas token. It helps to create “every transaction, dApp, and NFT mint.”
The second reason is that it performs the locked-in governance role. This token is used for voting on proposals regarding the future of the Shiba Inu ecosystem. The third reason is that BONE has a strictly fixed supply of 250 million tokens, which makes it deflationary and scarce.
Aside from those, BONE is deeply integrated within the SHIB ecosystem: “From ShibaSwap and Shibarium to SHIB burns and future dApps, BONE is used across the entire ecosystem.”
The fifth and the last reason is that BONE has a strong community, with the SHIB team's long-term vision about it: “Backed by the ShibArmy and a clear roadmap, BONE has real support and staying power.”
Dan Burgin
Vladislav Sopov
U.Today Editorial Team