Shiba Inu Burn Rate Adds 1,812% Spike With 131 Million SHIB Destroyed

Shibburn tracker of transactions that remove Shiba Inu meme coins from the circulating supply shows that the most recent SHIB burn has made more than 131 million SHIB disappear from circulation forever.

Meanwhile, the major mechanism that helps to perform large SHIB burns, among its other functions, has come really close to surpassing an astounding utility milestone.

SHIB burn rate spikes 1,812%, millions of SHIB destroyed

Shibburn tracker has revealed that within the last 24 hours, the Shiba Inu community managed to transfer an impressive amount of more than 100 million SHIB to dead-end wallets. In total, 131,456,481 Shiba Inu meme coins were transferred out of the circulating supply.

The largest transaction in this streak of burns carried 123,661,759 Shiba Inu. Slightly smaller chunks of SHIB that were burned contained 5,000,000; 2,500,000 and 2,000,000 SHIB. All the other transfers carried less than two million meme coins.

As reported by U.Today earlier this month and in late November, the Shiba Inu developer team spearheaded by the mysterious Shytoshi Kusama performed several mammoth-sized burns. They moved four chunks of Shiba Inu, consisting of 8.5 billion SHIB each (roughly evaluated at $90,990 in fiat), burning approximately 36 billion meme coins in total.

These burns became possible thanks to a large amount of funds saved by the team on transaction fees on Shibarium. A portion of these gas fees paid in BONE are set aside to later be converted into SHIB and transferred to unspendable blockchain addresses. However, the amount of BONE collected by the developers totals $1 million, and Shytoshi Kusama announced there will be billions of SHIB burned. Therefore, the aforementioned transactions were just the beginning, and there is a whopping amount of SHIB to be burned in 2024.

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Shibarium on brink of new all-time high

According to Shibariumscan tracker, the layer-2 blockchain Shibarium continues to advance at a mind-blowing pace, setting new records and then beating them the following day. As of this writing, the overall count of the performed transactions has come close to a staggering 200 million mark.

Each day during this week, Shibarium has been adding several millions of freshly performed transfers. Last week, daily progress in this metric amounted to roughly five or six million transfers.