The official marketing director of Shiba Inu, who prefers to be called Lucie on social media, shared the figures related to the fourth SHIB burn conducted by the team. As with previous token burns, the team removed a significant amount of SHIB from circulation.
This marks the fourth SHIB transfer from the circulating supply to an unusable wallet address. According to data provided by the Shibburn platform, which tracks token burns for Shiba Inu, a total of 25.72 billion SHIB have been burned since December, removing them from circulation, with the burn rate increasing by an astonishing 13,983 percent last week. The Shiba Inu team has burned approximately 33.6 billion SHIB worth $363,600 in their last four SHIB burns.
Token burns are a strategy to reduce the circulating supply of an altcoin by transferring it to unusable wallet addresses. The aforementioned token burns by the Shiba Inu team were conducted using funds earned from transaction fees on the Layer 2 network Shibarium. Transaction fees are taken in BONE token, and then a portion of each fee is retained while another portion is converted to SHIB and burned.
Over the past weekend, Shiba Inu’s anonymous developer Shytoshi Kusama emphasized the need for Shiba Inu and Shibarium to move away from memes and work towards global adoption and usage to achieve a significant price impact from burns. According to Kusama, the more investors, developers, and users that utilize the Shibarium network, the more transaction fees will be generated, and thus SHIB burns will increase.
Shibarium Network Continues to Break Records with Growth: Next Milestone is 170 Million
The Shibarium network has seen more than a twofold increase in the number of transactions in the last two weeks. With tens of millions of transactions being processed and verified daily, the network’s transaction count has risen from 60 million to 150 million.
Data at the time of writing this article shows that the total number of transactions on the Shibarium network is at 169.57 million and is very close to reaching a new milestone of 170 million transactions.
