Astonishing 17 Billion SHIB Burned in Past Week, Burn Rate up 100%

According to the Shibburn wallet tracker that accumulates data from Etherscan, the Shiba Inu community has managed to achieve impressive progress in setting SHIB meme coins on fire, and thus, it has removed nearly 20 billion SHIB from the circulating supply.

In the meantime, the Shibarium layer-2 solution continues to achieve new ground-breaking milestones, which also contributes to the SHIB burns tracked by the aforementioned platform.

17.1 billion SHIB transferred to furnace

A recently published tweet shows that within the last week, the number of Shiba Inu meme coins transferred to dead-end wallets reached an amazing total of 17,159,382,867 SHIB, driving the burn rate of the second largest meme cryptocurrency up by 98.7%.

More than 90% of these 17.1 billion meme coins were transacted to unspendable blockchain wallets by none other than the Shiba Inu development team. This week they have burned two stashes that contained more than 8.5 billion SHIB each.

HOURLY SHIB UPDATE$SHIB Price: $0.00001063 (1hr -0.36% ▼ | 24hr -1.50% ▼ )
Market Cap: $6,281,830,987 (-1.20% ▼)
Total Supply: 589,302,315,502,314

TOKENS BURNT
Past 24Hrs: 6,874,386 (-87.06% ▼)
Past 7 Days: 17,159,382,867 (98.7% ▲)

— Shibburn (@shibburn) December 26, 2023

Each of these two SHIB lumps is evaluated at roughly $90,900 in fiat.

As for the burn rate reading over the past 24 hours, it has not been that positive, demonstrating a decline of 87.06%, with 6,874,386 SHIB burned overall.

In a recent social media post, Shiba Inu’s marketing expert, Lucie, reminded the community that after a new major upgrade it rolled out in January, the SHIB team will begin conducting burns in automated mode, while currently the SHIB developers are burning coins, sending them to dead-end addresses, manually. This upgrade will consist of a Shibarium testnet (Puppynet) transaction from an existing Ethereum network (Goerli) to a new one (Sepolia).

Shibarium achieves important new milestone

Shibarium mainnet has again demonstrated major progress within the past few weeks as it has been smashing new milestones one after another. This time, it is again about a rapid surge in transaction count; over the past 24 hours, this metric has added another impressive six million transactions. At the time of this writing, the overall number of transfers stands at more than 191 million, according to Shibariumscan.

On Christmas day, this number exceeded 186 million, also adding more than six million transfers within 24 hours.

After a drop to 5.35 million daily transfers, daily transactions have recovered to hit 7.53 million.

Source