According to data published by the Shibburn wallet tracker, within the period of the last 24 hours, the Shiba Inu community has succeeded in reducing the circulating supply of Shiba Inu meme coins, transferring millions of them to dead-end wallets. The overall SHIB burn rate has skyrocketed.
SHIB burn rate soars high
The aforementioned on-chain data source shared that over the span of the last 24 hours, the Shiba Inu community disposed of 5,203,527 SHIB in total, thus raising the burn rate by 2,274.64%.
Most of these SHIB were destroyed in just three transfers, two of which carried 1,000,000 SHIB and one transferred 2,000,000 SHIB to unspendable blockchain addresses. Many of the more than 20 burn transactions here contained less than 1 Shiba Inu.
Earlier this week, on the first day of the new 2024 year, as covered by U.Today, the Shiba Inu community also saw the burn rate spike by 2,555% with massive 129,716,497 SHIB transferred to unspendable wallets.
In December and November, the Shiba Inu team of developers also contributed to SHIB burns as they transferred more than 36 billion SHIB to dead-end wallets — those were four transactions, each worth more than 8.5 billion Shiba Inu.
These were BONE tokens collected on Shibarium gas fees, which were later converted into SHIB coins. At the end of November, there was approximately $1 million worth of BONE tokens set aside for burns, which is the equivalent of 101,522,842,639 SHIB meme coins. About one-third from this amount has been burned so far.
Major SHIB burn upgrade approaching
At the start of December, the SHIB team published a blog article, teasing an upcoming upgrade that will allow the developers to start burning SHIB in an automated mode, rather than do it manually.
The article did not reveal any specific details, just stated that automated SHIB burns will begin in January.
The SHIB team intends to transit the Shibarium testnet known as Puppynet from Ethereum’s Goerli to Sepolia. Overall, the blog post stated, the future of SHIB burns through Shibarium “looks promising.” The developers expect that once all the planned upgrades are implemented, the new mechanism of burning SHIB will turn into a “central component of Shibarium's economic strategy.”