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SHIB Burn Rate Spikes 8,700% as Shibarium Reveals Shiba Inu Burn Mechanism

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Mon, 22/05/2023 - 11:10
SHIB Burn Rate Spikes 8,700% as Shibarium Reveals Shiba Inu Burn Mechanism
Cover image via twitter.com

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Data stably shared by the Shibburn data aggregator shows that within the past 24 hours, the number of burned SHIB surpassed that burned on Sunday by a whopping number of percentage points.

Overall, over the past week, several trillion of these popular meme coins have been transferred to dead-end wallets, according to the same source.

SHIB burn rate soars by thousands of percent

According to the recent tweet by the aforementioned data platform, within the past 24 hours, the SHIB army managed to destroy an entire 8,862% more SHIB than on the previous day. In total, this time, they have removed 50,188,691 meme coins from the circulating supply.

Curiously, this large amount was burned in merely two transfers — 39,511,911 SHIB and 10,676,779 SHIB — according to the burn data website.

Overall, during the past week, thanks to the efforts of the SHIB community, 3,093,934,362 SHIB coins were burned. On Saturday, the SHIB burn rate printed a notable rise by 666%.

In total, 410,642,087,431,967 Shiba Inu meme coins have been burned, according to the Shibburn website. A total of 574,308,140,003,340 SHIB remain circulating out there.

Shibarium releases details of its token burn mechanism

As reported by U.Today on Sunday, the Shiba Inu team led by the pseudonymous Shytoshi Kusama revealed the mechanism for burning SHIB on the Shibarium Layer 2 network while it remains in beta test mode.

As transactions are made on Shibarium, a transaction fee is paid in BONE. The basic fee gets locked away. Thirty percent of it gets set aside for the team to maintain the network, and 70% gets burned.

According to recently shared screenshots, the fee can be burned once the amount of BONE locked in the contract exceeds 10 BONE. Then, it will be converted into SHIB automatically and sent to an unspendable wallet.

Related

Shiba Inu whales grab 26 trillion SHIB, price rises

Data provided by IntoTheBlock analytics company shows that during the last week, investors have stocked up on 26.2 trillion Shiba Inu meme coins. Some whales also sold plenty of their meme coins but not as much as the purchased amount — around 300 billion SHIB.

At the time of this writing, Shiba Inu is changing hands at $0.000008884. The price of the prominent meme coin is showing a rise of 2.98% during the past hour and about the same over the past 24 hours, according to data provided by CoinMarketCap.

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