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Close to Billion SHIB Burned in Past Week, Here's Potential Basis for Big Burns

Mon, 06/26/2023 - 14:52
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Yuri Molchan
While price of Shiba Inu continues to decline, SHIB army has locked nearly 710 million Shiba Inu in dead-end wallets
Close to Billion SHIB Burned in Past Week, Here's Potential Basis for Big Burns
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According to data shared by the Shibburn explorer, over the past seven days, the SHIB army successfully destroyed almost a billion Shiba Inu meme coins.

That was the week when a major update was shared by Shytoshi Kusama, and also when he stated that he might leave Shiba Inu soon.

Weekly SHIB burns surge high

The amount of Shiba Inu removed from the circulating supply since last Monday stands at 708,766,124 SHIB. Even though this is 5% less than a week before that, still weekly SHIB burns have increased recently overall.

The largest lump of SHIB burned among the 69 burn transactions noted by Shibburn carried 252,873,213 Shiba Inu tokens and was made by an anonymous whale. The two smaller chunks burned comprised 84,405,747 SHIB and 91,698,204 SHIB.

As for the comprised SHIB stash burned within the last 24 hours, it comprises 38,690,975 SHIB in total. That is around 89% less than the SHIB army managed to burn on Sunday.

Shytoshi Kusama Changes His Profile Pic, Hinting Changes Coming Soon – Shibarium?

Shytoshi Kusama presents major update, says he intends to leave

Last week, in a blog post, the lead developer of the Shiba Inu ecosystem, pseudonymous Shytoshi Kusama, spread the word about a major update for SHIB. He announced the upcoming release of the so-called "Worldpaper" – that is a comprehensive guide to the SHIB ecosystem meant for a wide audience. It would contain SHIB's plans for the future, potential partnerships and further plans to expand the level of decentralization for the meme coin and Shibarium.

Aside from that, Kusama mentioned a recent major partnership of SHIB with Champion Apparel (a venture set up by the Shibcals team) to produce SHIB-themed merchandise, NFC chips and so-called "Authenticated Collectibles."

Most importantly, judging by the reaction of the Shib army on Twitter, was the news spread by Kusama – that as soon as Shibarium and other projects are rolled out and are up and running, his role will not be so necessary, and he intends to step away, leaving the ruling of the ecosystem in the hands of the SHIB community.

As for the Shibarium mainnet, according to the data spread by Shytoshi Kusama and SHIB team member Lucie earlier, it may happen between July and September.

As reported by U.Today earlier, Puppynet (the Shibarium beta network) has seen a rise in transactions by two to around two million within just a couple of days. Every transaction on Shibarium helps burn SHIB thanks to transaction fees paid in BONE tokens.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at