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Tremendous SHIB Stash Burned in July as 'Summer of Shibarium' Unveiled

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Tue, 1/08/2023 - 13:54
Tremendous SHIB Stash Burned in July as 'Summer of Shibarium' Unveiled
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According to a recent tweet from the Shibburn account, over the past month, the SHIB community has managed to destroy a significant amount of their favorite meme coins, which have surpassed the two billion mark.

In total, the SHIB army transferred 2,094,566,264 Shiba Inu to "inferno" wallets in more than 410 transactions. As for the most recent burns, within the last 24 hours, a much smaller chunk of 50,381,586 SHIB has been sent to dead-end addresses, according to the SHIB burn website.

These burns occurred as the SHIB team announced the "summer of Shibarium" as it continued working toward the upcoming launch of the Layer 2 platform and has already kicked off the Shibarium Bridge in beta testing mode.

Whales withdraw staggering 3.30 trillion SHIB

The above-mentioned burns are not the only big news about SHIB that occurred in July. As covered by U.Today earlier, over the last month, whales have also been active in acquiring Shiba Inu coins and moving them into their cold wallets for long-term storage.

According to Santiment data, within the last month, these wallets have transferred 3.30 trillion Shiba Inu from crypto exchange wallets to self-custody.

Whales seem to be stocking up on SHIB in the run-up to the long-expected launch of Layer 2 blockchain Shibarium. The rollout is expected in mid-August; quite possibly, it may take place during the annual Blockchain Futurist Conference, which includes ETH Toronto and ETH Women.

Once Shibarium kicks off, the prices of all Shibarium tokens are expected to surge, especially SHIB and BONE. The latter is the gas token for Shibaruim, which will ensure transaction-making on the blockchain and will help burn trillions of Shiba Inu per week in the future, as expected by the SHIB community.

Related

BONE and SHIB price performance on recent news

Still, yesterday, in a fresh blog post, head of SHIB devs Shytoshi Kusama stated that the team plans now to mint the remaining portion of the BONE supply and shut down the BONE contract to prevent any further minting of this token.

BONE is trading at $6.02 at the time of writing, showing a 6% price surge over the last 24 hours on this news, according to data provided by CoinMarketCap.

As for SHIB, July 31 was the third anniversary of the popular meme coin. From Friday until Monday, Shiba Inu witnessed a 10% price rise. However, today, half of it has been eliminated, and the coin is currently trading at $0.00000828 on the Binance exchange.

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