By Sandeep Bishnoi, September 21,2023
Data provided by the Shibburn service, which monitors the burning of Shiba Inu tokens, reveals that the SHIB community has successfully burned a significant amount of meme coins over the past 24 hours. This surge in burns is likely attributed to the increasing adoption of the Layer-2 blockchain Shibarium, which is approaching a significant utility milestone.
In the last 24 hours, Shibburn reported a total of 75,192,032 SHIB meme coins being transferred to inactive blockchain addresses. This was achieved through 12 transactions, with the largest one accounting for two-thirds of the total burned amount—54,633,331 SHIB. Over the course of the previous week, the SHIB community managed to burn approximately 570,000,000 Shiba Inu tokens in 130 transfers, representing a modest 71% increase in the burn rate. On Monday alone, Shibburn recorded SHIB burns totaling 86,429,656 meme coins.
Shibariumscan explorer data indicates that Shibarium has made significant progress since the beginning of the week. It is on the brink of setting a new record, with nearly 3,000,000 transactions having been executed on the Layer-2 blockchain. The number of mined blocks has surged to 708,052, while the total count of connected wallets now stands at 1,246,644. Daily transaction volume has decreased to 42,830, down from a recent peak of more than 200,000 daily transfers.
Regarding the burning of large amounts of SHIB through Shibarium, a recent post by the official Shiba Inu representative, Lucie, suggests that the community should actively start using the Layer-2 blockchain to achieve this goal. Lucie emphasized that the key question isn’t when Shibarium will begin burning SHIB but rather when the SHIB community will transition from exchanges to Shibarium. She pointed out that burns are executed per transaction and not solely based on tweets about burns. With millions of SHIB holders, Lucie encouraged the community to support this shift.
Lucie cautioned against pressuring the SHIB development team about burns and instead urged the community to promote burns by actively using Shibarium. Every transaction on Shibarium contributes to burning SHIB through gas fees paid in BONE tokens. A portion of these fees is reserved, and once a certain threshold is reached, the BONE tokens are converted into SHIB and moved to an unspendable wallet.In conclusion, Lucie stressed that to initiate burns effectively, it is essential for the community to actively engage with Shibarium, as increased utilization directly contributes to the burning of SHIB tokens.