In a striking development in the world of cryptocurrency, the Shiba Inu community has made an impressive initiative. According to data from Etherscan, the Shibburn wallet tracker reported that nearly 20 billion SHIB meme coins were successfully burned in the last seven days. This concerted effort demonstrates the community’s determination to reduce the circulating supply of Shiba Inu tokens.
Shiba Inu Development Team Burns 17.1 Billion SHIB
A tweet showcasing the latest data revealed an extraordinary milestone in SHIB coin burns. Accordingly, throughout the past week, 17,159,382,867 SHIB were astonishingly transferred to wallets where they can no longer be used.
Remarkably, more than 90% of this total was burned by the Shiba Inu development team. Specifically, the team carried out the burning process in two significant hoards, each containing more than 8.5 billion meme coin SHIB, valued at approximately $90,900.
While the burn rate experienced a slight decrease of 87.06% in the last 24 hours, totaling 6,874,386 SHIB, Shiba Inu’s meme coin marketing expert Lucie hinted at a major update coming in January. Following the update, the SHIB crypto team will transition to an automatic burning process, which will simplify the currently manually conducted process by developers.
The Rise of Shibarium: A Productive Increase in Transactions
Concurrently, Shibarium, the Layer-2 solution for the cryptocurrency Shiba Inu, continued its victorious journey by reaching commendable milestones. Indicating a rapid increase in the number of transactions, Shibarium’s mainnet recorded six million more transactions in the last 24 hours. As evidence of Shibarium’s growing influence, the total number of transfers impressively exceeded 191 million.
On Christmas Day, this figure surpassed 186 million, showing steady growth with an additional six million transfers within 24 hours. Although the daily transfer count briefly dropped to 5.35 million, it rose to 7.53 million, showcasing Shibarium’s resilience and ascent.
As the Shiba Inu ecosystem undergoes transformative updates and the burning strategy shifts to automation, the crypto community eagerly awaits the continued success of these initiatives and the strengthening of Shiba Inu’s position in the broader cryptocurrency environment. At the time of writing, the SHIB price is trading at $0.00001069.
