After a few days of stagnation, the Shiba Inu community seems to have resumed their token burning mechanism.
A report from Shiba Inu token burn aggregator, Shibburn, indicates that the SHIB Army has significantly increased burn rates over the past 24 hours. THE data showed that the community destroyed 50.18 million SHIB tokens in 24 hours.
SHIB burn rate picks up after a few days of decline
The SHIB burn rate jumped 8,627% in the last 24 hours compared to the day before. The burning process was completed with two transfers: the burning of 39,511,911 and 10,676,779 SHIB tokens.
Cumulatively, the community moved approximately 3.09 billion SHIB tokens to the dead wallet over the past week. Since Saturday May 20, the Shiba Inu Burn Rate for the week showed an increase of 666% for the last week.
Moreover, the Shiburn website shows that the Shiba Inu community has collectively destroyed 410,642,087,431,967 SHIB tokens. Currently, the meme coin has approximately 574,308,140,003,340 SHIB coins as its total circulating supply.
Shibarium Token Engraving Details Excite SHIB Army
Shiba Inu’s Layer 2 solution network, Shibarium, has made tremendous progress while still in beta testing. The Shiba Inu team, under the pseudonym Shytoshi Kusama, revealed the SHIB combustion mechanism on Shibarium.
According detailsfees for all transactions made on Shibarium are paid in BONE. Base fees for all transactions are locked to a contract on the network, while validators will receive priority fees.
The network will reserve a total of 30% of the fee for maintenance purposes. However, this will burn the remaining 70% of the fee.
A Twitter user, SHIB INFORMER, share a screenshot of Sharium’s interface of the network’s token-burning mechanism.
Users can initiate a burning process if the locked BONE exceeds 10 BONE. The network will automatically convert locked tokens into SHIB coins and transfer them to the protocol dead wallet.
SHIB price gains, increase in whaling activities
At the time of writing, Shiba Inu is trade at $0.00000890, indicating an increase of 1.46% in the last 24 hours.
The value of SHIB rose slightly over the weekend after rising from $0.00000873 to $0.00000871 on May 19. The coin meme attempted to maintain its grip throughout Sunday’s bearish wave.
Following the Shiba Inu’s price gain over the weekend, data from the analytics firm, InTheBlock revealed that more SHIB whales have hoarded the token.
According to the data, investors seized over 26.2 trillion SHIB tokens in the past few weeks. Additionally, some whales have sold off their Shiba Inu possessions, with a cumulative value of 300 billion SHIB coins disposed of.
– Featured image from Pexels and chart from Tradingview.com