SHIB burns have become a common practice in the decentralized meme token community with hefty amounts of Shiba Inu tokens being sent to the project’s dead wallet daily. In turn, this has greatly contributed to the recent mild increase in the price of the crypto asset.
Data extracted from the leading Shiba Inu burn tracker, Shibburn shows an increase in the 24-hour burn rate of the second-largest meme token. In particular and courtesy of four contributors, 50,258,924 SHIB tokens have been taken out of circulation forever within the past 24 hours. At the prevailing SHIB exchange rate, this burned volume amounts to $378. This further marked an increase of 1,803% in the burn rate of Shiba Inu tokens within a 24-hour timeframe.
Out of these four burn transactions recorded on the Shibburn explorer, the largest transaction involved the movement of 27,502,303 SHIB to an inaccessible or dead wallet. While the second-largest transaction saw 12,034,353 SHIB sent to the same dead-end wallet. 9.3 million and 1.4 million SHIB were burned in the remaining two transactions.
Notably, the compilation of all these burns shows that the community has taken a total of 638,400,947 SHIB out of circulation within the past seven days. Following this development, SHIB’s price has drifted into an upward trajectory, spiking by over 3% in the last 24 hours while showing signs of a further rally.
Shibarium reaches new landmark
On the other hand, Shiba Inu’s layer-2 scaling solution Shibarium, which is in Beta Testnet, has reached a new milestone in terms of total transactions performed, total wallet addresses, daily transactions and total blocks.
Per data available on the Puppyscan Explorer, the total number of transactions executed on Shibarium’s Beta Testnet — PuppyNet — has clocked 25,710,567. Out of this number, 273,805 transactions were completed on June 30. Meanwhile, the overall wallet addresses connected to the testnet platform stand at 1,700,8852 at the time of writing.
Despite these impressive statistics for PuppyNet, Shiba Inu community members are eager to see Shibarium land the main network. Responding to these concerns, the project lead developer Shytoshi Kusama noted that Shibarium’s mainnet launch is around the corner.
Follow us on Twitter, Facebook, Telegram, and Google News
