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Billions of SHIB Burned in August, Monthly Shiba Inu Burns Double

Fri, 1/09/2023 - 14:37
Billions of SHIB Burned in August, Monthly Shiba Inu Burns Double
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The Shiba Inu army has made significant progress in monthly SHIB burns recently – in the month of August they managed to burn twice as much SHIB as they did in July. Thus, billions of SHIB were removed from circulation, according to a recent tweet.

Almost six billion SHIB burned in August

Shibburn crypto tracker posted a tweet to spread the word that in August the massive amount of 5,715,986,938 Shiba Inu tokens was transferred to dead wallets in a total of 763 transactions.

For comparison, when August began and Shibburn counted the overall SHIB burns conducted in July, that number proved to be 2,094,566,264 SHIB. In August, the total amount of destroyed SHIB tokens exceeded that one by two times, seeing the number of transactions to dead wallets also almost doubling – from 412 to 763.

As for the SHIB burn progress within the last 24 hours, it is not as positive as August burns. Since yesterday morning, the Shiba Inu community has succeeded in destroying 25,100,470 SHIB canine coins.

That is 74.94% less than was burned on Thursday, when the SHIB army disposed of roughly 100,000,000 SHIB.

Now that the Layer 2 blockchain Shibarium has been launched, the SHIB community expects much bigger burns to begin. Since every single transaction on the mainnet will support SHIB burns, the community expects trillions of SHIB tokens to be burned monthly and maybe even weekly.

Part of the gas fees on Shibarium (paid in BONE tokens) will be set aside and then later converted into SHIB to be sent to dead wallets.


Shibarim metrics bolster overnight

According to data provided by the Shibariumscan explorer, since Thursday, the total count of transactions has surged to 718,601 from 599,968, adding roughly 118,000 overnight. As for the number of wallets connected to Shibarium, this figure has grown 1.5x since yesterday, reaching 663,250 after hitting 431,972 on Thursday, Aug. 31.

Article image
Image via shibariumscan

Therefore, one may say that Shibarium has kicked off September on a clearly positive note.


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