Shiba Inu Army Burns Millions of SHIB as Shibarium Hits New Milestone

The SHIB army continues to do its best to assist its favorite meme coin in raising its price. The only way the SHIB community can do so is to continue buying and burning SHIB, thus forming demand for and scarcity of this canine coin.

Within the last 24 hours, the mutual efforts of the SHIB army have led to an incineration of nearly 50 million Shiba Inu. In the meantime, a milestone on Shibarium has been reached, which may have contributed to the SHIB burns.

Bags of SHIB burned within day

A recent X post published by the Shibburn tracking platform says that over the span of the last 24 hours, 44,049,556 SHIB tokens in total have been sent to dead-end wallets and out of circulation permanently. Burning this amount of SHIB took eight transactions.

In the past 24 hours, there have been a total of 44,049,556 $SHIB tokens burned and 8 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/7ZppmmknzM

— Shibburn (@shibburn) September 15, 2023

This has propelled the burn rate of Shiba Inu by 11.43%. This is about six times lower than a rise noticed by Shibburn on Thursday, when the burn rate jumped by 62.66%, according to the same data source.

Shibarium arrives at new milestone

Earlier this week, on Sept. 13, the Layer-2 solution Shibarium managed to reach a new utility milestone when the number of daily transactions surged to a staggering 200,000. The following day left that peak behind, and the number of daily transfers dropped to 183,840.

The overall transaction count has reached more than 2,600,000 by now.

Bone Shibaswap (BONE) token serves as a gas token on Shibarium and fuels all transactions on it. Part of the BONE paid for transactions is set aside by SHIB developers and, later on, when its amount reaches a certain level, this BONE gets converted into Shiba Inu and burned.

While the launch of Shibarium was still in the preparation stage, the SHIB community spread tweets sharing expectations that trillions of Shiba Inu would be burned on a monthly basis once the Layer-2 solution is launched.

Now, the more projects that begin using Shibarium, the better for SHIB burns since more projects on this blockchain mean more transactions will be made, which would also mean more fees andl, therefore, more SHIB tokens to eventually be sent to unspendable wallets forever.

Over the past 24 hours, the second largest meme coin by market cap, SHIB, demonstrated a rise of 3.20%. However, a small price drop followed, and now the overall increase of this meme coin’s price constitutes 1.87%. SHIB is changing hands at $0.00000736 at the time of this writing.

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