Shiba Inu has witnessed a staggering surge in its burn rate, reaching an astonishing 15,608%. This extraordinary feat comes as the SHIB team torches SHIB, BONE and LEASH, signaling a bold step toward enhancing the scarcity and value proposition of these tokens.
The surge in the burn rate coincides with heightened interest and activity in the Shiba Inu community, with Shiba Inu prices rising about 300% in the week to highs of $0.00004575.
According to the Shibburn X account, a total of 13,610,153,841 SHIB tokens were burned in 12 transactions. This comes to $489,965 in monetary terms.
Shiba Inu social media admin RagnarShib shares in an X post a breakdown of the burns that contributed to the massive 15,608.68% surge in burn rate. He shares a screenshot containing four burn transactions: two for SHIB, one for LEASH and one more for BONE.
The transactions are as follows: 9,649,108,480 SHIB tokens were sent to the dead wallet in a single transaction; 3,814,893,910 SHIB were burned in another transaction; 19,550 BONE and 28.762 LEASH were burned in two other transactions.
Shibarium burns
In a blog post, Shiba Inu lead Shytoshi Kusama discusses Shibarium burns and how the burn figures were arrived at. Kusama explains how the figure of 92 ETH, which was burned, came up.
In late February, Sheboshis, the female counterpart to Shiboshis and a hybrid NFT token, were launched to the delight of the Shiba Inu community. Kusama gave the structure for the proceeds (if sold) of Sheboshis.
The operating income would be slashed in half, of which 10% would go for burns (6% SHIB, 1% BONE, 1% LEASH, 1% TREAT and 1% SHI). In this regard, after all estimations and deductions for capital expenses and taxes, the operating income came in at 600 ETH.
Based on the structure presented, 36 ETH were allocated for SHIB burns, and 6 ETH were allocated for LEASH and BONE burns, respectively. Kusama highlighted a historic milestone: This would be the first time LEASH would ever be burned.
At the time of writing, SHIB was up 4.41% in the last 24 hours to $0.000035. BONE was up 5% in this time frame to $1.22; LEASH was up 3% to $758.