Shiba Inu Scorches 8.53 Billion SHIB Tokens in Latest Shibarium-Powered Burn, Surpassing 25 Billion in 18 Days
In a fiery display of Shibarium-powered burns, the Shiba Inu team obliterated a staggering 8.53 billion SHIB tokens, equivalent to $90,711, marking the third incineration event in a series fueled by Shibarium fees. The tokens were swiftly sent to the dead wallet in a single transaction, bringing the total burned on Shibarium to a jaw-dropping 25.38 billion SHIB in just 18 days.
Read Also: Solana Trader Turns $92 Investment into $1.55 Million in 16 Days Amid Crypto Market Surges
🔥🔥🔥 8,533,564,693 $SHIB -> transferred to dead wallet. https://t.co/mrfTvwWha3
— Shibburn (@shibburn) December 22, 2023
Shibarium’s transaction volume has skyrocketed, with over 160 million transactions recorded in the four months since its mainnet launch.
The surge in activity has propelled gas fees, prompting the team to utilize a portion of the fees for massive token burns. The recent 8.53 billion SHIB burned contributed to a staggering 161,540% spike in the cryptocurrency’s burn rate within 24 hours.
Read Also: Solana (SOL) Sees Meteoric Rise, Approaching Potential Crossroads as Year Ends
The cumulative amount of SHIB burned now stands at approximately 410.68 trillion, with Ethereum co-founder Vitalik Buterin playing a pivotal role by sending over 410 trillion SHIB to the dead wallet in 2021. This strategic burning initiative aims to reduce SHIB’s vast supply, potentially bolstering the token’s price in a concerted effort by the Shiba Inu community.
Follow us on Twitter, Facebook, Telegram, and Google News
Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.
