On the last day, the Shiba Inu Community has taken a bold step by permanently taking out 357.07 million SHIB tokens from circulation. This action was spread across 47 separate transactions.
The tweet from Shibburn says, “In the past 24 hours, there have been a total of 357,075,351 $SHIB tokens burned and 47 transactions. Visit http://shibburn.com to view the overall total of #SHIB tokens burned, circulating supply, and more.”
In the past 24 hours, there have been a total of 357,075,351 $SHIB tokens burned and 47 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/NPVJEEGfMS
— Shibburn (@shibburn) August 17, 2023
Comparing this to the day before, it’s a significant jump. A 64.77% uptick was noted from the previous day’s activity when 216.70 million SHIB tokens were removed through twenty-four transactions.
Read Also: Shiba Inu Investor Amasses $514,000 Profits from BONE Amid Shibarium Hype. Here’s how
Highlighting the most active participant, MARSWAP (MSWAP), which is guided by its community, was at the forefront. This project alone dispatched 258.35 million SHIB tokens to the Inferno address, doing so in 30 unique transactions.
SHIB Burn Rate Is Set To Increase In Manifolds
There’s buzzing anticipation around the Shiba Inu’s burn rate, which is expected to surge. This heightened expectation is mainly due to the introduction of the eagerly awaited Shibarium Mainnet. It made its debut on August 16th, right in the middle of the Blockchain Futurist Conference 2023.
Notably, Shibarium is no ordinary platform. It’s a Layer 2 Solution that boasts integrated burn procedures. Its creation focuses on providing a platform that boosts scalability and reduces transaction costs.
The overarching objective here is to considerably shrink Shiba Inu’s enormous supply swiftly. The optimistic Shiba Inu Community envisions a dramatic reduction, projecting the removal of a staggering 5 trillion SHIB tokens monthly.
Read Also: As Shibarium Approaches Completion, Shiba Inu (SHIB) Team Unveils Latest Major News
Shibarium: There May Be Some Caution
Nevertheless, every innovative project has its teething issues. Shibarium’s introduction wasn’t without its set of challenges. The network currently faces growing concerns that resulted in a brief pause in the creation of blocks. A significant chunk of funds, estimated at $1.7 million in ETH, is currently stuck in the Ethereum bridge. This situation adds to the current complications.
Sounding the alarm first was Beosin. Known for its expertise in assessing risks linked to cryptocurrencies, Beosin was quick to detect the issues.
According to Beosin monitoring, the transaction on Shibarium, Shiba Inu's Layer 2 solution, is in a pending state. Currently, $1.7 million in ETH is locked on the Shibarium cross-chain bridge. Users are advised to temporarily stop using Shibarium. During the Shibarium testnet,…
— Wu Blockchain (@WuBlockchain) August 17, 2023
Acting promptly, the monitoring team at Beosin has advised users to tread carefully. Their current recommendation is to avoid using the Shibarium bridge until further clarity is achieved.
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