Shiba Inu burn rate spiked 317% after the community incinerated 130M SHIB Tokens over the past 24 hours.
The Shiba Inu community has been dedicated to reducing the circulating supply of SHIB. Enthusiasts of the cryptocurrency showcased their commitment to achieving this feat by recently incinerating a whopping amount of SHIB tokens.
Over 130M SHIB Incinerated as Burn Rate Spike 317%
According to data on Shibburn, the Shiba Inu community burned a massive 130,529,064 (130.52 million) tokens over the past day.
HOURLY SHIB UPDATE$SHIB Price: $0.00000739 (1hr -0.97% ▼ | 24hr 0.27% ▲ )
Market Cap: $4,360,475,446 (0.20% ▲)
Total Supply: 589,340,552,787,290
Past 24Hrs: 130,529,064 (317.41% ▲)
Past 7 Days: 499,253,136 (1.13% ▲)
— Shibburn (@shibburn) September 21, 2023
Out of the total SHIB tokens burned in the past 24 hours, a whopping 100,776,829 (100.77 million) SHIB were destroyed in a single transaction.
Per the data, the transaction took place 21 hours ago. However, the identity of the person or group who carried out the transaction remains unknown at press time.
Furthermore, the second-largest SHIB burn occurred today at exactly 02:21 (UTC). In this transaction, an anonymous user sent 12,894,064 (12.89 million) SHIB to the Shiba Inu dead wallet.
With over 130M tokens burned over the past 24 hours, the burn rate of the canine-themed cryptocurrency has spiked by a whopping 317.41%.
Individual Burn Efforts Yield Positive Results, But There’s Need for More
The joint effort by Shiba Inu community members toward reducing the circulating supply of SHIB has yielded positive results. So far, a total of 410,659,447,212,709 (410.65 trillion) SHIB have been burned from the cryptocurrency’s circulating supply.
Despite the amount burned so far, SHIB still has a hefty circulating supply of 579,624,553,910,004 (579.62 trillion).
It is evident that the Shiba Inu community would require more than the regular burns to reduce the cryptocurrency circulating supply. Hence, they rely on the Shiba Inu team to step in as promised.
The Shiba Inu team noted that Shibarium, the cryptocurrency’s Layer-2 blockchain, will contribute to the ongoing SHIB burn efforts.
According to the team, a part of Shibarium transaction fees will be set aside to burn SHIB. Although Shibarium transaction fees are in Bone ShibaSwap (BONE), the team said the token will be converted into SHIB and then sent to the dead wallet.
BONE Accumulated for Shibarium-powered SHIB Burn
In an interesting development, the team behind Shibburn recently introduced a service that helps the community track the amount of BONEs Shibarium has helped accumulate for SHIB burns.
At press time, Shibarium has a total of 2,995,799 transactions and a total address of 1.25 million wallets. Shibburn estimates that Shibarium will need to process 6,443,203,099,529,525 (6.44 quadrillion) transactions to accumulate $25K worth of BONE, which will be converted into SHIB and burned.