The vibrant Shiba Inu community continues its effort to reduce the amount of SHIB tokens in circulation drastically. Over the last day, over 2 million SHIB have been burned significantly raising the burn rate by more than 1000%. Interestingly, the burn spike coincides with a notable rise in the coinâs value, which has seen about 2% added in the last 24 hours.
This comes against the backdrop of the one-year celebration of the layer 2 blockchain ecosystem, Shibarium, developed by the Shiba Inu team. The increase in burn rate and the proceeding jump in price have raised optimism among investors hoping for an imminent price rally to new highs.
Over 2 Million SHIB Burned in One Day
According to data from the official Shibburn portal, 2,120,682 (2.1 million) SHIB were removed from circulation within the last day. Per the data, the burn was carried out across four transactions. While three of them were in their thousands, one stood out, burning 2,000,088 (2 million) tokens at once. The other three sent 3,512, 47,082, and 70,000 SHIB to burn wallets respectively. Consequently, the burn rate skyrocketed by 1,088.66%.
Source: Shibburb
Following this burn, the Shiba Inu army has now succeded in removing 410.7 trillion SHIB from circulation leaving approximately 583 trillion tokens in circulation. Even though the supply is still very large, the community is dedicated to the cause as they keep burning coins daily. The significance of this action is to try to create scarcity with a limited amount of supply thereby potentially increasing the value as per the law of supply and demand.
Shibarium Celebrates One Year; See Key Highlights
The layer 2 blockchain solution for the Shiba Inu ecosystem, Shibarium, officially turned one year on August 21. To celebrate, the team took to X (formerly Twitter) to highlight the major milestones the project has reached within the last 365 days. Shibarium was launched in August 2023 and gained instant popularity across the crypto community, quickly exceeding 2 million transactions in less than a month.
In a thread on X, the team referred to the project as the âcornerstoneâ of the Shiba Inu ecosystem, pointing out that over 417 million transactions have been processed so far. According to data from Shibariumscan, a dedicated Shibarium explorer, the total number of users on the network now stands at 118.395k with 1.813 million wallet addresses.
Celebrating #ShibariumTurnsOne! 1âŁIn August 2023, we launched Shibarium, turning Riyoshi's vision into reality. Over 417M transactions later, Shibarium has become a cornerstone of our ecosystem.What we achieved pic.twitter.com/uQ0NhgLN60
â Shibarium Network (@ShibariumNet) August 21, 2024
Moreover, 6.426 million blocks have been mined and 19,749 contracts executed. Additionally, a total transfer of 1.827 million BONE has been initiated and 11,201 tokens have been created on the network. Shibarium has successfully executed three major hard forks including Delhi, Indore, and Shanghai.
The Shiba Inu team informed the community that the third-party bridge, Hiochi, is now live following the launch of K9Finance and the K9 and BadToken that has taken the meme sector by storm. Ultimately, the team thanked the community for its support, promising to continue to grow and innovate as it continues its journey toward the second year.
Meanwhile, the price of SHIB has spiked in the last 24 hours. According to data from CoinMarketCap, Shiba Inu traded at $0.00001408 representing a 3.0% jump at the time of writing.
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