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SHIB-affiliated X account @Shibizens, which often shares various updates from the SHIB team, has published a post to speak with the SHIB army about one of Shibarium’s major tokens — BONE.
The post claims that apart from being a joke, BONE also contains a “secret.” In the post, @Shibizens explains it thoroughly, also reminding the community about the token’s major functionality.
BONE's "secret" explained
@Shibizens reminded readers that BONE is not only a joke and a meme, but it also powers the layer-2 solution Shibarium. The token serves as gas, DAO. Additionally, it facilitates another important function — SHIB burns.
Since users pay gas fees in BONE, every transaction helps to make the Shiba Inu coin more scarce by diminishing its circulating supply — a portion of gas fees are set aside. Once a certain amount of BONE is collected, it gets automatically converted into SHIB and transferred to unspendable wallets.
Besides, every user can burn any amount of SHIB using the public burn portal on the Shiba Inu website.
SHIB burns soar 2,753%, here's major catch
Data shared by the popular wallet tracker Shibburn shows that over the past 24 hours, the SHIB community has succeeded in propelling the SHIB burn rate up to a significant high — a four-digit one.
After transferring 6,442,486 SHIB to dead-end blockchain addresses, where they will be locked forever without the smallest chance of being withdrawn or spent, the burn rate metric skyrocketed by 2,753.51%. The two largest transfers took 5,348,000 and 1,000,000 SHIB to “inferno” wallets.
As for the weekly burns, things stand a little different from the daily ones. Over the past seven days, the SHIB community has increased the burn rate by 360.9%. However, the actual amount of meme coins destroyed during that period is 20x the daily burns and constitutes 135,132,263 SHIB. Earlier this week, a single burn transfer of 100,000,000 SHIB was noticed by Shibburn.
Vladislav Sopov
U.Today Editorial Team