The Shiba Inu community has made remarkable strides in lighting SHIB meme currencies on fire, removing approximately 20 billion SHIB from circulation, according to the Shibburn wallet tracker, which compiles data from Etherscan.
Meanwhile, the layer-2 Shibarium solution is hitting new, groundbreaking records, which also adds to the SHIB burns that the previously described platform tracks.
17.1 billion SHIB transferred to furnace
According to a newly released tweet, the second-largest meme cryptocurrency’s burn rate increased by 98.7% over the course of the previous week as a staggering 17,159,382,867 SHIB of Shiba Inu coins were moved to dead-end wallets.
The Shiba Inu development team transferred almost 90% of these 17.1 billion meme currencies to blockchain wallets that could not be used. They destroyed two stashes this week, each holding more than 8.5 billion SHIB.
https://x.com/shibburn/status/1739541610147287072?s=20
These two SHIB lumps are valued at around $90,900 in fiat money each.
With 6,874,386 SHIB burnt total during the last 24 hours, the burn rate reading has not been particularly encouraging, showing a reduction of 87.06%.
Shiba Inu’s marketing specialist, Lucie, recently reminded the community on social media that following a significant update it released in January, the SHIB team will start automating burns. At the moment, the SHIB developers manually burn coins and send them to dead-end addresses. A Shibarium testnet (Puppynet) transaction from the current Ethereum network (Goerli) to the next one (Sepolia) will comprise this upgrade.
Shibarium achieves important new milestone
The Shibarium mainnet has made significant progress in recent weeks, as seen by its consistent achievement of new benchmarks. This time, the issue is once again with the sharp increase in transaction volume; in the last day alone, this indicator has added an astounding six million new transactions. As of this writing, Shibariumscan reports that there have been over 191 million transfers total.
This figure surpassed 186 million on Christmas Day, with almost six million extra transfers made in a single day.
The number of daily transactions has increased to 7.53 million from 5.35 million.
