SHIB Burns Jump 2,330% with 15.6 Billion Coins Scorched in March

The Shiba Inu community and the developer team have tried their best to take another big step toward turning SHIB meme coin into a scarce asset. Data shared by the Shibburn cryptocurrency tracker shows that more than 10 billion SHIB coins were sent to a virtual furnace in the month of March.

Burn rate soars 2,230%, with billions of SHIB destroyed

The aforementioned data source has revealed that in March, the Shiba Inu supply took an impressive dent, with a total of 15,644,329,668 SHIB coins transferred to unspendable wallets.

This is the equivalent of nearly half a million U.S. dollars - $454,154 at the time of writing this article. Overall, this has pushed the total monthly SHIB burn rate up by 2,330%, according to data provided by Shibburn. Nearly all of the above-mentioned billions of SHIB were transferred out of the circulating supply by the SHIB developer team.

On March 9, they set fire to a whopping 13,610,153,841 SHIB, also burning substantial amounts of BONE and LEASH tokens. Earlier, between late November and February, the SHIB team destroyed almost 40 billion Shiba Inu. These burns were conducted using funds from Shibarium fees – a portion of the transaction charges paid by users in BONE were converted into Shiba Inu and transferred to unspendable wallets to be locked there forever.

As for the daily indicator, the SHIB community has managed to dispose of merely 4,498,428 SHIB within the last 24 hours, seeing the burn rate plunge by 61.78%.

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Shibarium hits record low

According to data provided by the Shibariumscan explorer, the Layer-2 solution built by the SHIB team atop the Ethereum chain has again hit a major low in terms of daily transactions on this network. On March 31, the total daily transfer level plunged to merely 3,690 after soaring to 172,290 a few days earlier and hitting 412,270 on March 25.

A total of 2.34 million daily transfers was the biggest record seen recently – at the very beginning of March.

Another major metric measuring transactions on this network, though, has demonstrated a cumulative rise – the total transaction count has surged to 413,154,847, adding roughly a million transfers over the past month. Overall, transaction activity has been low on Shibarium lately.