According to the Shibburn wallet tracker, the SHIB burn rate has surged by an astounding 161,540% within the last 24 hours. With this massive uptick in this important metric, more than eight billion Shiba Inu have been moved out of circulation.
In the meantime, the SHIB price has not followed the burn rate, demonstrating a 2.61% decline over the past day and night.
Close to nine billion SHIB burned
The aforementioned data source shows that the SHIB chunk that was burned this time is enormous and constitutes a whopping 8,593,932,621 meme coins in total. The whole process of burning took 10 transactions. However, nearly all of it was transferred to dead-end blockchain addresses in a single move, carrying 8,533,564,693 SHIB nine hours ago.
The second and the third biggest burn transactions included 24,000,000 and 20,000,000 SHIB, made fifteen and seven hours ago, respectively. Data shared by Etherscan shows that the 8.5 billion Shiba Inu were sent out of circulation by none other than the Shiba Inu team itself.
This is the third SHIB burn exceeding eight billion meme coins that has been made this month by the Shiba Inu developers, spearheaded by pseudonymous Shytoshi Kusama.
These massive SHIB chunks are getting burned using Shibarium fees, which are getting converted from BONE tokens into SHIB gradually. Earlier this month, U.Today reported that the SHIB team had already set aside $1,000,000 worth of Bone ShibaSwap coins for burning.
Some suggested that not only SHIB should be burned but some of those BONE tokens, too but Shytoshi Kusama stepped in to emphasize that it is only SHIB that must be transferred to unspendable wallets.
Shibarium keeps hitting new milestones
Meanwhile, layer-2 solution Shibarium has managed to set a new utility record as it has surpassed the milestone of 160,000,000 transactions in total. The daily number of transfers has declined a little, dropping from 7.8 million to 5.53 million at the time of this writing.
In a recent Twitter thread, Shytoshi Kusama stressed that a global expansion of Shibarium utility is by all means necessary for performing impactful SHIB burns. Therefore, the more developers, investors and partners join in, the better it is for the burns and the SHIB community overall.