According to Shibburn, the website that tracks SHIB’s burn rate, the Shiba Inu community has been able to dispose of around half a billion SHIB over the course of one day, which has greatly increased the burn rate. Since the launch of the Shibarium beta test network known as PuppyNet over the weekend, there have been reports of significant SHIB burns occurring over the course of the past few days.
454 Million Shiba Inu Tokens Gone
Shibburn has demonstrated that a total of 454,985,164 SHIB memecoins have been transferred to dead-end addresses since late yesterday. These coins are now permanently locked and cannot be withdrawn or spent in any other manner because they have been delivered to addresses that cannot transfer them. Only three separate transactions were necessary to accomplish this remarkable result.
A wallet with the address -87ffdeaa conducted a single transaction that resulted in the removal of a total of 451,061,150 Shiba Inu tokens. As a result, the total burn rate of SHIB increased by a significant 1,322%. The price of SHIB, which is currently the second most popular meme cryptocurrency, increased by 6.58% during the course of the past 24 hours. But, after that, the price fell, which resulted in a loss of 4.36% of the market value. The current price of SHIB is $0.00001121 as of the time this article was written.
Accelerating Burn Rate After Shibarium Launch
The burn rate of Shiba Inu increased by 2,452% on Monday, just two days after the anonymous head developer of SHIB, Shytoshi Kusama, officially announced the launch of testnet PuppyNet after a year of anticipation by the SHIB army. Within 24 hours, 602.5 million meme tokens were removed from circulation. On March 14, the burn rate increased by a modest 200%, yet today the amount of meme coins burned is practically identical to what it was on Monday.
Shytoshi Kusama revealed in a press release on Saturday that SHIB would be burned on Shibarium for each and every transaction; a portion of the BONE token transaction fees will be converted to Shiba Inu and then given to dead wallets. The SHIB community anticipates that after the launch of Shibarium, the burn rate will accelerate dramatically and trillions of memecoins will be removed from circulation. Almost half of the initial quadrillion supply has been depleted at this point.
