After a few days of stagnation, the Shiba Inu community seems to
have picked up its token-burning mechanism.
A report from Shiba Inus token burn aggregator, Shibburn,
indicates that the SHIB Army has significantly raised the burning
rates within the past 24 hours. The data showed that the community destroyed 50.18
million SHIB tokens in 24 hours.
SHIB Burn Rate Picks Up After Some Days Of Decline
The SHIB burn rate surged 8,627% over the past 24 hours compared
to the previous day. The burning process was completed through
two transfers: the burn of 39,511,911 and 10,676,779 SHIB
tokens.
Cumulatively, the community moved about 3.09 billion SHIB tokens
to the dead wallet within the past week. As of Saturday, May 20,
the Shiba Inu burn rate for the week showed a surge of
666% for the past week.
Further, the Shiburn website shows the Shiba Inu community
collectively destroyed 410,642,087,431,967 SHIB
tokens. Currently, the meme coin has about 574,308,140,003,340
SHIB coins as its total circulating supply.
Shibarium Token Burn Details Excites The SHIB Army
The layer 2 solution network of Shiba Inu, Shibarium, has made
tremendous progress while still in the beta-test phase. The Shiba
Inu team, under the leadership of the pseudonymous Shytoshi Kusama,
disclosed the SHIB burning mechanism on Shibarium.
According to details, fees for all transactions completed on
Shibarium are paid in BONE. The basic fees for all
transactions are locked on a contract on the network, while the
validators will get priority fees.
The network will set aside a total of 30% of the fees for
maintenance purposes. However, it will burn the remaining 70% of
the fees.
A Twitter user, SHIB INFORMER, shared a screenshot of Shariums interface of the
networks token burning mechanism.
Users can initiate a burning process if the locked BONE exceeds
10 BONE. The network will automatically convert the locked tokens
to SHIB coins and transfer them to the protocols dead wallet.
SHIB Price Gains, Increasing Whale Activities
At the time of writing, Shiba Inu is trading at $0.00000890,
indicating an increase of 1.46% over the past 24 hours.
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