Shibburn, a well-known blockchain tracker, reported a massive increase in the Shiba Inu (SHIB) burn rate over the past 24 hours. The burn rate skyrocketed by 12,278.89%, with a total of 115,890,322 SHIB removed from circulation. This substantial rise resulted from several large transactions that transferred SHIB tokens to dead wallets, permanently eliminating them from the supply.
Shibburn’s data revealed five major burn transactions within the past day. The largest transaction burned 92,644,446 SHIB just eight hours ago, while another transaction removed 20,250,401 SHIB approximately 21 hours ago. Both transactions came from separate anonymous whale addresses. These large-scale burns coincided with Shibarium’s recent milestone of surpassing one billion transactions.
Source: Shibburn
Shibarium’s Role in the Burn Process
Shibarium, Shiba Inu’s layer-2 solution, plays a crucial role in SHIB burns. The SHIB team sets aside gas fees, paid in BONE, for periodic burns. Once they accumulate 1,000 BONE, they convert the amount into SHIB and send it to a dead wallet. This systematic approach ensures a steady reduction of the token’s circulating supply.
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Since 2021, the SHIB community has successfully burned 410,747,625,781,618 SHIB tokens. Currently, 584,365,723,302,499 SHIB remain in circulation, reflecting the community’s ongoing efforts to reduce supply and potentially increase demand.
SHIB Investors Receive Fraud Prevention Guidelines
Lucie, the marketing lead of the SHIB development team, recently issued a set of guidelines to protect SHIB investors from scams. She emphasized ten essential rules to prevent financial losses. Firstly, the first rule advises investors to avoid selling well-established tokens for unreliable, lesser-known coins.
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She also warned against investing in tokens that rely solely on influencer promotions, stating that if a coin needs excessive marketing, it lacks sustainability. Additionally, she cautioned against buying coins without utility, as they often lose all value. Although some exceptions exist, Lucie reaffirmed that strong fundamentals are critical for long-term success.
With the SHIB burn rate soaring and the community staying vigilant, Shiba Inu’s ecosystem continues to evolve, aiming for a more controlled token supply and increased investor confidence.
