A member of the Shiba Inu team, their social media marketing manager Lucie, has taken to the popular X platform to praise a cumulative burn of half a billion SHIB made recently by a particular project that is evolving on Shibarium.
The aforementioned 550 million SHIB have been burned over the last two weeks thanks to NFT sales made on Shibarium.
550 million SHIB up in flames
Lucie reposted a tweet published by the @theshibdream, the one that created SHIB VIP Social Network in December 2022. Recently, the project launched a collection of non-fungible tokens (NFTs) called SHIB Dream on Layer-2 blockchain Shibarium.
In less than two weeks, according to the tweet, by sending lumps of 100,000,000 (sometimes bigger ones) they have managed to burn a total of 550,000,000 SHIB.
On Nov. 7, when the burn rate of this meme coin skyrocketed by an astonishing 12,840%, with 173,118,154 SHIB tokens locked in dead-end wallets, more than half of this amount – 100 million SHIB – was burned by @theshibdream.
Here's how SHIB team plans to increase SHIB burns
Burning SHIB tokens is important for the Shiba Inu army since, this way, they are doing their best to reduce the circulating supply of this popular meme cryptocurrency. Once Shibarium was launched, the SHIB army began expecting a massive increase in burns in the long run.
When projecting Shibarium, the SHIB team embedded this mechanism, which helps burn SHIB – part of the gas fees for every transaction paid in BONE is set aside by the team. When a sufficient amount of BONE gathers, they convert it into SHIB coins and then transfer them to "inferno" wallets.
This is why the pseudonymous lead developer of Shiba Inu, Shytoshi Kusama, has multiple times stressed the importance of expanding Shibarium utility and adoption; any new user, new partner, or new dev team building on it ensures a surge in transactions, which means more BONE fees and, therefore, more SHIB burns.
Before Shibarium was released in mid-August, the community often discussed their expectations of seeing trillions of Shiba Inu getting burned within a month. So far, these high expectations have not been reached.
SHIB burn rate shows negative reading
Per the recent report provided by the Shibburn tracker, within the last 24 hours, the burn rate of SHIB has plunged by 99.27%. This fall was caused by a meager amount of SHIB burned this time – merely 1,261,876 meme coins.
This tiny number of Shiba Inu has been moved to "inferno" blockchain addresses and out of the circulating supply, employing 11 transactions. The largest one of them carried 552,521 SHIB.