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SHIB Burns Skyrocket as Shibarium Releases New Critical BONE Update

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Thu, 30/05/2024 - 10:25
SHIB Burns Skyrocket as Shibarium Releases New Critical BONE Update
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Data shared by the popular Shibburn platform has revealed that another multi-million SHIB lump has been transferred out of the circulating supply.

This has coincided with the major Shibarium update announced the day before.

SHIB burns jump 120%

The aforementioned data source stated that within the last 24 hours, the Shiba Inu community has removed several million SHIB into unspendable blockchain wallets and out of circulation. The 3,375,831 SHIB burned by the SHIB army have pushed the burn rate up substantially – 120%.

It took 13 transactions to destroy that many meme coins. The two largest transfers here carried 1,247,614 and 1,045,751 SHIB.

So far, a total of 410,726,475,569,810 SHIB meme coins have been destroyed from the total supply of one quadrillion. A total of 583,097,171,644,345 SHIB remains in circulation.

SHIB burn rate jumps
Image via Shibburn

In May 2021, exactly three years ago, a tremendous SHIB burn took place; it was initiated by Ethereum cofounder Vitalik Buterin. Back then, the mysterious creator of Shiba Inu known as Ryoshi sent half of the quadrillion supply (a whopping 500 trillion SHIB) to Buterin as a gift and as a sign of respect.

What Buterin did was burn almost all of this SHIB worth $1.7 billion, and he gave the rest away to a charity in India that helped support the victims of the pandemic. That massive burn happened on May 6.

Related

Major BONE update on Shibarium

The official Shibarium account on the X platform has announced that the SHIB developer team has integrated a major new update on this layer-2 blockchain, and it is about the BONE token.

Now, the bridge time to transfer BONE from Shibarium to Ethereum has been reduced massively – from seven days in the past to roughly 45 minutes after the update integration. “We're all about efficiency and user-friendliness now!” the X post proudly states.

Now, BONE withdrawals from Shibarium to the Ethereum chain will be much faster and smoother, according to the announcement. Ultimately this game-changing development in the bridge time will allow builders to deploy time-sensitive applications a lot faster than before. Average users will get a chance to seize new opportunities for their BONE tokens on Ethereum without having to wait long and see their financial strategies gain a major boost.

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