Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
According to the Shibburn rate tracking website, over the past 24 hours, the Shiba Inu community has managed to get rid of nearly half a billion SHIB and pushed the burn rate up significantly.
Massive SHIB burns have been noticed over the past few days after the Shibarium beta test network called PuppyNet was launched over the weekend.
453 million Shiba Inu destroyed, burn rate soars
Shibburn has shown that since yesterday morning, a total of 452,950,434 SHIB meme coins have been sent to dead-end addresses, where they were permanently locked without an opportunity to be withdrawn or spent in any other way. This impressive result was reached in merely three transactions.
A total of 451,061,150 Shiba Inu was removed in a single transaction by a -87ffdeaa wallet.
This made the overall burn rate of SHIB surge by a good 1,318%.
Shibarium finally released by developers
On Monday, just two days after the pseudonymous lead developer of SHIB, Shytoshi Kusama, finally announced the release of testnet PuppyNet after a year of waiting by the SHIB army, the burn rate of Shiba Inu was bolstered by 2,452%. A total of 602.5 million meme tokens was removed from circulation within 24 hours back then.
On March 14, the burn rate was up merely 200%, but today the amount of burned meme coins is almost the same as on Monday.
In the Saturday press release, Shytoshi Kusama confirmed that SHIB would be burned on Shibarium with every single transaction — part of the fees paid in BONE tokens will be converted to Shiba Inu and then sent to dead wallets.
The SHIB community expects the burn rate to accelerate immensely after Shibarium launches and to see trillions of meme coins gone from circulation. By now, roughly half of the initial quadrillion supply has been destroyed.
SHIB price performance
Over the past 24 hours, the price of the second most popular meme cryptocurrency, SHIB, rose by 6.58% on the Binance exchange. However, then the price went down, shedding 4.36% of its market value. At the time of this writing, SHIB is exchanging hands at $0.00001121.
Gamza Khanzadaev
Tomiwabold Olajide
Arman Shirinyan
