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834 Million SHIB Sent to Dead Wallets in Week, Shiba Inu Burn Rate Up 127%

Sun, 03/26/2023 - 10:04
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Tomiwabold Olajide
Shiba Inu (SHIB) burned in week amount to millions of tokens
834 Million SHIB Sent to Dead Wallets in Week, Shiba Inu Burn Rate Up 127%
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According to the Shibburn Twitter account, over 834 million SHIB have been burned in the past week.

"In the last 7 days, there have been a total of 834,804,461 SHIB tokens burned and 82 transactions," the SHIB burner said in a new tweet.

Meanwhile, in the past 24 hours, a total of 3,053,513 SHIB tokens have been burned in four transactions. The daily burn rate is up 127%, according to the Shibburn website.

At the time of writing, SHIB was marginally up in the last 24 hours at $0.00001058.

Here's how Shibarium would contribute to SHIB burns

As stated in the Shibarium documentation, the base fee of the Shibarium transaction fees will be split into 70% burned and 30% placed aside for network maintenance.

Xanders Shib, a Shiba Inu community member, shared a screenshot of a comment made by the SHIB lead, Shytoshi Kusama, where he said, "Burning SHIB is the key collective effort."

Users can begin the burn process from the Layer 2 Shibarium once a certain quantity of BONE ($25,000) has been accrued in the burn contract.

As soon as this procedure begins, accumulated BONE are delivered to Ethereum's L1, where they are automatically exchanged for SHIB and burned using the contract function.

This is similar to a withdrawal transaction in that tokens are burned and subtracted from the total supply rather than being received.

Millions of Shiba Inu (SHIB) Burned in Last 24 Hours as This Metric Also Spikes

For this procedure, users will be able to access a specific portal on Shibarium's website. By just selecting "Initiate burn," anyone can start one of these burns.

To finish, they must confirm a few transactions to enable layer migration. SHIB tokens will be immediately removed from circulation once the procedure is finished, and this will be reflected in the total maximum supply.

According to the team, this framework may undergo modifications or revisions in the upcoming months as test environments provide more realistic scenarios.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.