The team behind Shiba Inu has continued to keep to its word, as it burns huge amounts of SHIB using a part of Shibarium gas fees.
In the latest series of Shibarium-powered burns, the Shiba Inu team incinerated a total of 8,533,564,693 (8.53 billion) SHIB, equivalent to $90,711.
— Shibburn (@shibburn) December 22, 2023
On-chain data shows that the 8.53 billion SHIB tokens were transferred to the dead wallet in a single transaction earlier today at exactly 00:30 UTC.
3 Shibarium-Powered Burn
It is worth mentioning that the recent incineration marks the third time Shiba Inu has burned huge amounts of SHIB tokens using a portion of Shibarium fees.
Shiba Inu’s marketing lead, Lucie, also confirmed this in her latest tweet.
3rd $SHIB burn ?
— ????? | ✨Shib.io✨ (@LucieSHIB) December 22, 2023
Shibarium-Powered Burns Crosses 25B SHIB in 18 Days
Recall that the team commenced the highly-anticipated Shibarium-powered burn on December 4, when a whopping 8.24 billion SHIB ($75K+) were sent to the dead wallet.
In a similar development, the team incinerated another 8.61B SHIB on December 16 as part of the ongoing Shibarium-powered burns.
Now, the Shiba Inu team has sent another 8.53B SHIB to the dead wallet. So far, it has succeeded in burning a whopping 25.38 billion SHIB on Shibarium in just 18 days.
Shibarium Transactions Surpass 160M
The number of tokens burned on Shibarium can be attributed to the massive spike in the network’s total transactions. Shibarium has continued to record a surge in its transaction volume. As of November 24, the L2 network had a total transaction count of 4.12M.
However, Shibarium’s total transaction count has increased massively since the beginning of this month. From December 1 to date, the L2 network averages over 5 million transactions per day. On most days, Shibarium saw a whopping 7.5M transactions.
Shibarium has now recorded an impressive 160,394,088 (160.39 million) transactions in just four months after its mainnet launch.
With the surge in Shibarium’s transaction volume, the network’s gas fees have also skyrocketed, prompting the team to burn huge amounts of SHIB using a portion of the fees.
SHIB Burn Rate Skyrockets By 161,540%
Meanwhile, the 8.53B SHIB burned by the team helped push the total number of tokens incinerated in the past 24 hours to 8,593,932,621 (8.59 billion).
The surge in daily SHIB amounts burned also triggered a spike in the cryptocurrency’s burn rate. According to data on Shibburn, the burn rate of SHIB has surged to an impressive 161,540% in 24 hours.
In the meantime, the total amount of SHIB burned is currently around 410,689,125,383,803 (410.68 trillion). Ethereum co-founder Vitalik Buterin was instrumental in boosting the amount of SHIB burned. In 2021, Buterin sent over 410T SHIB of the tokens he received from the Shiba Inu team to the dead wallet.
Since he made the groundbreaking move, other Shiba Inu enthusiasts have voluntarily sent some amounts of SHIB to the address.
The rationale behind this move is to reduce the enormous supply of SHIB in order to bolster the token’s price.