Shiba Inu Burns Billions Of Shib In A Week Amid Price

Shiba Inu

The Shiba Inu army has been actively burning SHIB tokens daily, with substantial amounts being removed from circulation since the launch of the Shibarium testnet in early March. In recent weeks, the weekly burn rate has reached several billion SHIB, marking a significant development in the meme coin’s ecosystem.

During the past week alone, many SHIB tokens have been locked away in unspendable wallets. The figure remains undisclosed but is believed to be in the billions. This new development follows the efforts of the SHIB army, a collective of individual holders, businesses, and developers, who have been diligently working to reduce the circulating supply of SHIB coins.

Almost 3 Billion SHIBA INU (SHIB) Burned In A Week

According to the Shibburn tracking service, approximately 2,726,655,616 SHIB tokens have been sent to dead-end wallets over the previous week. This accounts for nearly half of what the SHIB army burned the preceding week, which amounted to over 5 billion SHIB, marking a decrease of almost 53%.

The burn rate has slowed within the last 24 hours, with only 18,922,877 SHIB destroyed in five transactions. The two largest transactions accounted for 11,823,597 SHIB and 4,591,793 SHIB, respectively. These burns have contributed to a 22.87% decrease in the overall burn rate compared to the previous day, May 26.

In a major achievement for the Shibarium Layer-2 network, the beta test version reached a new milestone this week. As reported by Puppyscan, the number of wallets connected to Puppynet has surpassed 16 million, currently standing at an impressive 16,030,842. Furthermore, the total number of transactions has reached nearly 13 million, totaling 12,837,402.

The Shiba Inu army has been anticipating the full-scale breakout of the metaverse since last year. The Shibarium Layer-2 scaling solution is no different. Puppynet was released in early March. These enhancements transform the coin from a joke cryptocurrency to a “serious” asset, improving its utility and popularity.

Shibarium’s creators have promised to provide the SHIB army with low fees and fast transactions on their Layer-2 network. Consequently, more wallets are joining the Shibarium beta program, attracted by its potential for enhanced efficiency and cost-effectiveness.

As the Shiba Inu army continues its daily burns, the amount of SHIB coins removed from circulation continues to rise. Simultaneously, Shibarium’s growth and user adoption indicate a promising future for the Layer-2 network. With these developments, the SHIB community remains actively engaged, demonstrating their dedication to the ongoing evolution of the Shiba Inu ecosystem.

Related Reading: | Meme Coin Frenzy: Floki & Pepe Coin Land On Brazil’s Mercado Bitcoin, Baby Doge Next In Line?

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