The teeming Shiba Inu community has continued to burn millions of SHIB tokens consistently in a bid to boost the asset’s market value.
Despite the notable developments in the Shiba Inu ecosystem including the Shibarium launch, SHIB’s price has failed to rally massively. This could be because of the voluminous total supply of the token as speculated by crypto strategists.
The total supply of SHIB is capped at roughly 589 trillion. To reduce the hyperinflated supply of Shiba Inu, several community members, partners and supporting projects have stayed committed to the SHIB burn expedition.
0ver 564M SHIB Burned In A Week
As revealed by the leading SHIB burn tracker Shibburn, over 564 million Shiba Inu tokens were burned between August 27 and September 2. In particular, data from Shibburn showed that exactly 564,273,572 SHIB tokens have been destroyed in the last seven days via 88 transactions.
Notably, over 100 million SHIB tokens were burned on August 27 and August 28 respectively. A slight decline in daily burn volume was noticed on Tuesday as about 50 million Shiba Inu tokens were burned on that day. However, community members burned over 80 million SHIB on Wednesday.
While more than 60 million SHIB were incinerated on Thursday, the lowest burn in the past week was recorded on Friday as a little above 20 million Shiba Inu tokens were sent to inferno wallets.
Nearly 140 million SHIB were removed from circulation on Saturday. This massive burn occurred alongside Shibarium’s laudable feat. As earlier reported, wallet addresses on Shiba Inu’s layer-2 network Shibarium surpassed the 1M mark yesterday.
At the time of writing, Shibariumscan data showed that exactly 1,009,861 wallet addresses have interacted with Shibarium. Collectively, these addresses account for over 890K total transactions on the network.
SHIB Burn Rate Spikes as Whale Burns 21.6M SHIB
To further support the SHIB burn mission, an unknown whale recently destroyed exactly 21,607,426 in one go. As updated by Shibburn, the transaction was executed at 16:17 UTC today.
Accordingly, this transaction led to a 54.21% spike in the SHIB burn rate in the past 24 hours according to Shibburn. With over 116K Shiba Inu tokens destroyed in the past day, the total burnt volume rose to approximately 410.66 trillion. Community members speculate that the increasing burns would help sustain SHIB’s regained momentum.