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Shiba Inu continues to bring news while the excitement for the launch of the Shibarium Layer-2 scaling solution continues. According to data provided by Shibburn, there was a significant decrease in the burn rate last week. Token burning is achieved by sending SHIB to the addresses called “burn addresses”. The tokens sent to these addresses are locked in wallets and removed from circulation.
Decrease in the Amount of Tokens Sent to Dead Wallets
Within this week, the SHIB community transferred a total of 522,956,324 Shiba Inu tokens to dead wallets. This number decreased by 63.97% compared to the previous week.
According to the same data source in the last 24 hours, 35,772,688 SHIB was sent in 10 transactions. The largest transfer was made 17 hours ago by an anonymous crypto whale, who sent 12,999,999 SHIB. With these transactions, the SHIB community experienced an 80.69% decrease compared to the 180 million SHIB burn that took place last Friday.
The purpose of burning transactions is to reduce the circulating supply of a cryptocurrency and make access to the token more difficult. Theoretically, this process can help the token’s price appreciate in the long run. So far, the SHIB community has successfully locked 410,651,942,289,028 tokens in unspent wallets. However, the price of Shiba Inu does not seem to be affected yet, with this number remaining very low compared to the token supply.
SHIB Community Continues Its Excitement with Shibarium Mainnet Launch and SHIB Burning
As the launch of the Shibarium mainnet approaches, the community expects trillions of SHIB to be burned on a weekly basis. The BONE token will be used for each transaction fee on the Shibarium mainnet. A portion of the transaction fees will be allocated to developing the Shibarium ecosystem, and a portion will be converted to SHIB and then sent to dead wallets.
The anonymous leader of the SHIB development team, Shytoshi Kusama, confirmed their participation in the ETH Toronto event, which will take place during the Blockchain Futurist Conference in Toronto, Canada, on August 15-16.
