SHIB Burns Soars 2,274% With Significant Burn Improvement in Horizon

SHIB Burns Soars 2,274% With Significant Burn Improvement in Horizon

According to data released by wallet tracker Shibburn, in the last 24-hour period, the Shiba Inu community managed to reduce the circulating supply of Shiba Inu meme coins, transferring millions of them to dead-end wallets. The overall SHIB burn rate has skyrocketed.

According to data released by wallet tracker Shibburn, in the last 24-hour period, the Shiba Inu community managed to reduce the circulating supply of Shiba Inu meme coins, transferring millions of them to dead-end wallets. The overall SHIB burn rate has skyrocketed.

SHIB burn rate soars

The aforementioned on-chain data source shared that over the past 24 hours, the Shiba Inu community removed 5,203,527 SHIB in total, increasing the burning rate by 2,274.64%.

Most of these SHIBs were destroyed in just three transfers, two of which transported 1,000,000 SHIB and one transferred 2,000,000 SHIB to unusable blockchain addresses. Many of the more than 20 transactions burned here contained less than 1 Shiba Inu.

Shib burn rate soars
Image via shibburn

Earlier this week, on the first day of the new year 2024, as covered by Guru-Investingthe Shiba Inu community also experienced a burn rate increase of 2,555% with 129,716,497 SHIB transferred to non-spendable wallets.

In December and November, the Shiba Inu developer team also contributed to SHIB burns as they transferred over 36 billion SHIB to dead-end wallets; There were four transactions, each worth more than 8.5 billion Shiba Inu.

These were BONE tokens collected with Shibarium gas fees, which were later converted into SHIB coins. As of the end of November, there were approximately $1 million worth of BONE tokens reserved for burns, equivalent to 101,522,842,639 SHIB meme coins. About a third of this amount has been burned so far.

Related
Millions of XRP Sent to Exchanges After XRP Price Drops 15%

A major SHIB recording update is coming

In early December, the SHIB team published a blog articleteasing an upcoming update that will allow developers to start recording SHIB in automated mode, instead of doing it manually.

The article did not reveal any specific details, only stating that automated SHIB burns will begin in January.

The SHIB team intends to move the Shibarium testnet known as Puppynet from Ethereum’s Goerli to Sepolia. Overall, the blog post said, the future of SHIB through the Shibarium “looks promising.” The developers hope that once all planned updates are implemented, the new SHIB burning mechanism will become a “core component of Shibarium’s economic strategy.”

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