In the past hours, the Shibburn platform shared details about the burning of SHIB with its community. A total of 115 million SHIB burned, marking a 1,359.82% increase in the burning rate.
The burning reached astonishing levels, with a single transfer burning 100 million Shiba Inu, nearly all of the SHIB coins removed this time.
This increase in the burning rate is the second most significant in recent days. Over the course of this week, the value of SHIB burned increased by 7,700%, with the transfer of 544,958,383 tokens to inaccessible blockchain addresses.
These constant SHIB burns aim to eliminate as many memecoins as possible and send them to inaccessible addresses where they cannot withdraw or spend them.
This strategy aims to make SHIB scarcer. If the demand also grows, there may be a significant increase in its price in the future.
Kusama Speaks To SHIB’s Community
Shytoshi Kusama, the lead developer of Shiba Inu, communicated to the SHIB community how burns should work and the community’s expectations.
Kusama stated that significant SHIB burn volumes will only be achieved “through the utility and use” of Shibarium, and the community should not expect “magic burns.” He also emphasized that there will be no burns without the actual use of the Shibarium blockchain.
Additionally, Kusama addressed those who spread FUD (fear, uncertainty, and doubt) in the community, stating that they are pushing investors, partners, and users away from Shibarium, harming the SHIB community.
Meanwhile, the Shibarium chain continues to witness an increase in its key metrics. After recently reaching 3,500,000 transactions, Shibarium has surpassed a new milestone, reaching 3,780,336 transactions, according to the Shibariumscan explorer.
The number of daily transactions remains stable, slightly above 13,000, after significant increases in September and October.
The total number of connected wallet addresses has grown to 1,259,795, and the number of mined blocks stands at 1,472,727.
This increase in the burning rate and the milestones achieved by Shibarium indicate activity and interest in the Shiba Inu project.
