Shiba Inu Token Burn: 357 Million Tokens Sent Up in Flames Amid Shibarium Hype

Over 357.07 million Shiba Inu (SHIB) burned in the past 24 hours, 258.35 million by a single wallet.

Shiba Inu Community has permanently removed 357,075,351 (357.07 million) from circulation through forty-seven individual transactions in the past 24 hours.

In the past 24 hours, there have been a total of 357,075,351 $SHIB tokens burned and 47 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/NPVJEEGfMS

— Shibburn (@shibburn) August 17, 2023

This represents a 64.77% increase in burn rate compared to the previous day, where the Community set fire to 216,707,681 (216.70 million) SHIB via twenty-four separate transactions.

MARSWAP (MSWAP), a community-driven token, burned the most Shiba Inu tokens. The project sent 258,355,935 (258.35 million) SHIB to the Inferno address in thirty distinct transactions.

Shiba Inu’s burn rate is poised to increase manifolds soon as the long-awaited Shibarium Mainnet officially went live on August 16^th amid Blockchain Futurist Conference 2023. Reportedly, Shibarium – Layer 2 Solution is equipped with in-built burn mechanisms, aiming to help Shiba Inu to reduce its gigantic supply at a rapid pace. The Community believes in the potential of the Shibarium Network and projects a momentous elimination of 5 trillion SHIB tokens from circulation each month.

However, the debut of Shibarium has encountered initial challenges. The network is grappling with mounting issues that have led to a temporary halt in block production. In addition, a substantial sum of $1.7 million worth of ETH is trapped on the Ethereum bridge, contributing to the present hurdles.

Beosin, a trusted platform specializing in crypto-related risk analysis, first sounded the alert. The Beosin monitoring team promptly advised users to exercise caution and refrain from using the Shibarium bridge for the time being.