Zero SHIB Burned Since Destruction of 3 Billion Shiba Inu Yesterday - What's Going On?

According to data shared by Shibburn wallet tracker, over the past 24 hours, zero SHIB meme coins have been sent to dead-end wallets and the burn rate of this popular meme cryptocurrency, the second biggest in terms of market capitalization on the market, has gone down 100%.

Zero SHIB burned after three billion SHIB gone

On May 30, Shibburn reported that a total of 3,616,412,304 SHIB were set on fire (meaning: sent to be locked in dead-end wallets). The majority of that amount, 6,601,495,249 Shiba Inu, were burned in a single transaction by what seemed to be an anonymous enthusiastic cryptocurrency whale.

However, details from Crypto Twitter shed some light on this, naming the initiator of this enormous record-breaking transaction. It was a new crypto project called Blaze Token. This month, it is the fourth transaction from this project in which several billion (or at the very least, more than one billion) SHIB were burned in a single transfer.

https://t.co/9mprSn7YKT

🔥BURN ANNOUNCEMENT 🔥$SHIB BURNT 3,601,495,249 BILLION 🚀🚀🚀$BLZE BURNT 2,164,376,989 BILLION 🚀🚀🚀

TOTAL TO DATE $SHIB BURNT 🔥 11,557,310,052 BILLION 🔥$BLZE BURNT 🔥 10,490,937,468.21 BILLION 🔥

JOIN US TO BURN MORE!!!#SHIBARMY #SHIBBURN

— Blaze Token (@blaze_token) May 29, 2023

The exact reasons for a 100% decline in SHIB burns are likely to be varied: the majority of participants are not burning their own SHIB, this is either extra funds earned by small businesses or part of gas fees on the Shibarium beta, which has been running since March 11 under the name Puppynet.

According to the Shibarium documentation released by the dev team for the community, 70% of the base fee (all fees are paid in BONE tokens) is set aside to be converted into SHIB as soon as the amount of saved BONE tokens exceeds 10 BONE tokens in the contract.

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SHIB-themed business closes down

In a recent Discord message by SHIB lead Shytoshi Kusama, he stated that he has been silent since there are many things in the works right now, and the Shibarium beta is running with new updates promised. Still, despite progress in the SHIB ecosystem, things are not easy for SHIB-oriented businesses at the moment.

The official Twitter handle of Shiba Coffee Company, which sold coffee in SHIB-themed packaging, accepted SHIB as a payment and even burned Shiba Inu tokens, announced that it is closing permanently.

According to the tweet, the company operated at a loss for more than a whole year, and now it is time to "finally pull the plug."

Unfortunately, we have had to close permanently. It's been a wild ride, and we wish everyone in the #SHIBARMY the best. We've been operating at a loss for over a year, and had to finally pull the plug. Keep on keeping on, y'all.

— Shiba Coffee Company (@ShibaCoffeeCo) May 31, 2023