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.
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🔥🔥🔥 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.
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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.
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