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Thursday, December 07, 2023 1:08:20 PM
"Shiba Inu achieved a major milestone recently after the team performed its first-ever SHIB burn powered by Shibarium, the cryptocurrency’s L2 scaling solution.
Shiba Inu Team Burns 8.24B SHIB
As reported earlier, the Shiba Inu team burned 8.24 billion SHIB tokens worth $75,412. The hefty incineration substantially increased Shiba Inu’s burn rate to a whopping 1548111.1%.
Notably, the Shiba Inu team conducted its first-ever Shibarium-powered burn following a spike in the network’s daily transactions.
It is worth mentioning that Shibarium has been processing over 5 million transactions daily since December 1. Interestingly, Shibarium’s daily transaction spiked to a whopping 7.84 million on December 3 prior to the hefty burn.
According to data from Shibariumscan, the daily transaction count surged to a massive 7.86 million yesterday, bringing the network’s total transaction to a hefty 43.51 million.
Shiba Inu Moving Closer to a Massive SHIB Burn
Commenting on the development, Shiba Inu said it is moving closer to a massive burn following a surge in Shibarium transaction volume.
"It added that the recent spike in transaction volume on Shibarium resulted in thousands of BONE tokens spent on transaction fees as part of the SRC-20 minting process.
Despite keeping transaction fees to less than a penny, the Shiba Inu team could still burn over $75K worth of SHIB via fees obtained from Shibarium-related transactions.
Notably, the team specified in the original Shibarium document that it would buy and burn SHIB from fees obtained on the network. Per the team, 70% of Shibarium fees would be used to buy back and burn SHIB.
However, Shibarium-powered SHIB burn will be executed after the network has accumulated $25,000 worth of BONE in transaction fees. With the recent spike in Shibarium transaction volume, the team executed its first-ever Shibarium-powered SHIB burn sooner than expected.
Consequently, experts are speculating that the massive surge in Shibarium’s daily transaction volume could see the team burn between 5 trillion and 20 trillion SHIB tokens monthly.
At press time, a total of 410,671,682,564,412 (410.67 trillion) SHIB have been incinerated from Shiba Inu’s circulating supply. However, the daily burn rate was down 99.99% in the hour leading up to press time. "
https://thecryptobasic.com/2023/12/06/shiba-inu-says-it-is-moving-closer-to-a-massive-shib-burn/
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