In a striking move within the cryptocurrency world, the Shiba Inu community has demonstrated its commitment to reducing the circulating supply of SHIB tokens by burning nearly 20 billion of them in the past week. This action reflects the community’s concerted effort to decrease the number of SHIB meme coins in circulation, as reported by the Shibburn wallet tracker using data from Etherscan.
A recent tweet showcasing the latest data revealed a significant milestone in SHIB token burns, with 17,159,382,867 SHIB being permanently removed from wallets last week. Notably, over 90% of these burns were conducted by the Shiba Inu development team, which executed two major burns involving more than 8.5 billion SHIB, each burn valued at approximately $90,900.
Despite a slight decrease in the burn rate to 6,874,386 SHIB in the last 24 hours, down by 87.06%, Shiba Inu’s marketing specialist Lucie hinted at a major update coming in January. Following the update, the SHIB team plans to implement an automatic burning mechanism to streamline the process currently handled manually by developers.
Simultaneously, Shibarium, the Layer-2 solution for the Shiba Inu cryptocurrency, continues its triumphant journey, reaching commendable milestones with a rapid increase in transaction numbers. The Shibarium mainnet recorded an additional six million transactions in the last 24 hours, bringing the total number of transfers to an impressive figure of over 191 million.
On Christmas Day, the total transfer count exceeded 186 million, adding six million more within 24 hours, indicating steady growth. Despite a brief dip to 5.35 million, the daily transfer count rose to 7.53 million, showcasing Shibarium’s resilience and upward trajectory.
As the Shiba Inu ecosystem undergoes transformative updates and transitions its burning strategy to automation, the cryptocurrency community eagerly anticipates the continued success of these initiatives and the strengthening of Shiba Inu’s position in the broader crypto market. At the time of writing, the SHIB price is trading at $0.00001069.