The Shibburn explorer’s data indicates that the SHIB community is still successfully burning millions of these meme currencies and moving them to non-spendable wallets.
This time, the SHIB army was successful in removing around 350 million Shiba Inu meme currencies that had been banned from use. One transfer consumed more than half of that total.
SHIB army burns 350 million coins, 233 million burned in single move
It took 19 transfers for the community to successfully remove 349,012,147 SHIB during the course of the previous 24 hours. Burns frequently involved two or three SHIB pieces and occurred virtually hourly.
More over half of the total was burned by the greatest transaction, which occurred 14 hours ago and included 233,632,193 Shiba Inus.
To minimise the quantity that is circulating in the market, these burns aim to remove as much SHIB from circulation as they can. As a result, SHIB should become more valuable and, in principle, appreciate in value.
The so-called dead wallets are really unspendable ones, which means that tokens sent there cannot be withdrawn or utilised in any way other than as a storage mechanism for funds.
The community is rubbing their hands in excitement as the launch of the Shibarium Layer-2 blockchain nears because it will mean regular contributions to SHIB burns because a portion of the petrol fee for each transaction will be set aside by the developers and converted into SHIB to be burned later.
To far, the DEXTools app has integrated Shibarium, enabling its users to conduct direct cryptocurrency transactions on Shibarium.
SHIB rises in past 3 days
Since August 23, the second-largest meme currency by market capitalization has mounted a modest rebound of 5.11% during the last three days. SHIB has increased by over 3% during the past day, slowly rebounding from the previous significant price decline.
SHIB is now trading at $0.00000821 on the Binance platform as of the time of this writing.
