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SHIB Burn Rate up 260% as Shibarium Release Date Potentially Gets Closer

Thu, 11/03/2022 - 11:09
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Yuri Molchan
Shib burn rate has seen significant rise over last 24 hours
SHIB Burn Rate up 260% as Shibarium Release Date Potentially Gets Closer
Cover image via unsplash.com

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As reported by Shibburn platform that tracks the efforts of the SHIB army in burning this meme coin and occasionally sends some millions of SHIB to a dead wallet as well, over the past 24 hours, the rate at which Shiba Inu is currently being sent to unspendable wallets has increased by almost 260%.

In the meantime, some vague news about the upcoming release of Shibarium has been released.

SHIB army steps on it, burning tokens

Over the past 24 hours, the rate of removing SHIB from the circulating supply has gone up by 259.48% as 22,248,144 Shiba Inu has been sent to "inferno" wallets, i.e., dead addresses from which tokens cannot be withdrawn back or otherwise spent.

This is quite a breakthrough compared to yesterday's figure, when in the previous 24 hours only as little as 7,744,475 meme tokens were moved to dead-end wallets.

On Nov. 1, the amount of SHIB destroyed over the previous day totaled 23,232,755.

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Image via Shibburn

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News on Shibarium from dev team

In a recently published blog post, Unification Foundation, which is helping SHIB developers to create the Layer 2 solution Shibarium, has addressed daily questions from the SHIB community, which keeps asking "Wen Shibarium?"

Product lead at Unification Maziar Sadri, who authored the blog post, wrote that working on the Layer 2 solution for SHIB remains its core project for this year.

He stated that the team continues to optimize the internal alpha version of it every day. Overall, Shibarium is getting closer to the release of the public beta version.

The core team has been moving fast and furiously with our advisory and is close to a public beta release.

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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 yuri.molchan@u.today.