SHIB ‘Bonfire’ Expected as 109.2 Billion SHIB Await Burning on Shibarium

Major Shiba Inu-themed Twitter/X account @ShibBPP published a message that has triggered an enthusiastic response from the SHIB community. The message says that there are more than a million USD worth of BONE tokens ready to be exchanged into SHIB and incinerated.

“Who is pushing the button?” the tweet asks. There are 1,396,569 BONE waiting on Shibarium accumulated in transaction fees – this sum of crypto is worth $1,028,306. However, there is a little catch here that does not allow the team to burn all of these BONE after converting them into SHIB.

While the SHIB community is discussing this potential astounding SHIB incineration, the actual burn rate has shown a marginal increase, with just 2.8 million Shiba Inu transferred to dead-end addresses.

Over 1 million dollars worth of $SHIB is ready to be burned 🔥🔥

Who is pushing the button 🚨 pic.twitter.com/UwsfcCoKIP

— $SHIB BPP (@ShibBPP) December 12, 2023

Here’s the deal with SHIB burns on Shibarium

Transaction expenses on Shibarium are covered in Bone ShibaSwap (BONE) tokens, and a large part of those fees are set aside – part of this sum will help support the work of Shibarium and part is to be converted into SHIB and then sent to unspendable blockchain wallets.

The above-mentioned 1,396,569 BONE may not yet be divided into what is to be burned and what is to be left for the developer team. Therefore, the community has not yet seen any mind-blowing lumps of Shiba Inu burned yet.

As for the recently conducted burns, according to the Shibburn wallet tracker, over the span of the last 24 hours, the SHIB community has disposed of 2,886,049 SHIB in total. That took the overall burn rate up by 49.04%. Of this amount 1,918,173 SHIB was destroyed in a single move.

Shibarium smashes crucial new records

Recently, layer-2 blockchain Shibarium has been setting new records, with its total transaction count soaring in particular. Last week, it went over the five million peak. This week, readings of this metric jumped to over 50 and then 66 million, and now it is quickly approaching 98 million transactions in total.

Daily peaks in transfers on Shibarium have also been very high – between seven and eight million since Dec. 2, according to the Shibariumscan explorer.

The number of connected wallets has increased to 1,307,305.

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