The Shiba Inu community celebrated the first SHIB burning event based on the use of Shibarium. This event has ignited rumors about SHIB’s future and sparked interesting discussions about potential large token burns that could take place in the future.
In the first burning event linked to Shibarium, 8.24 billion SHIB, valued at $75,412, were burned. The burn took place shortly after a significant increase in transaction volume, surpassing 5 million from December 1st. The network peaked at 7.84 million transactions just before the burning event on December 3rd.
The significance of the burning event was notable not only for its size but also for its timing. The team had planned to accumulate $25,000 worth of BONE as a target fee prior to the first burn supported by Shibarium.
The sharp increase in transaction volume allowed the network to meet these conditions more quickly, indicating Shibarium’s increasing adoption.
The Shiba Inu team sees Shibarium as a significant catalyst for future SHIB burns. Potential increases in network transaction volume lead to the use of more BONE tokens as gas fees for SRC-20 minting. Although transaction fees are currently negligible, they contribute to SHIB burning and support the accumulation of funds set aside to effectively reduce the circulating supply.