The official Shiba Inu X account disclosed that the team is moving closer to a massive SHIB burn after incinerating 8.24 billion tokens via Shibarium fees.
Shiba Inu achieved a major milestone recently after the team performed its first-ever SHIB burn powered by Shibarium, the cryptocurrency’s L2 scaling solution.
Shiba Inu Team Burns 8.24B SHIB
As reported earlier, the Shiba Inu team burned 8.24 billion SHIB tokens worth $75,412. The hefty incineration substantially increased Shiba Inu’s burn rate to a whopping 1548111.1%.
Notably, the Shiba Inu team conducted its first-ever Shibarium-powered burn following a spike in the network’s daily transactions.
It is worth mentioning that Shibarium has been processing over 5 million transactions daily since December 1. Interestingly, Shibarium’s daily transaction spiked to a whopping 7.84 million on December 3 prior to the hefty burn.
According to data from Shibariumscan, the daily transaction count surged to a massive 7.86 million yesterday, bringing the network’s total transaction to a hefty 43.51 million.
Shiba Inu Moving Closer to a Massive SHIB Burn
Commenting on the development, Shiba Inu said it is moving closer to a massive burn following a surge in Shibarium transaction volume.
🚀 𝐈𝐌𝐏𝐎𝐑𝐓𝐀𝐍𝐓 𝐔𝐏𝐃𝐀𝐓𝐄 Click here ⬇️ https://t.co/I5yUQoxWYN to explore the surge in transactions, now over 38m, due to SRC-20 minting. Thousands of $BONE spent, moving us closer to a massive $SHIB burn, all while keeping transaction fees low #Shibarium pic.twitter.com/r14wJyH77h
— Shib (@Shibtoken) December 5, 2023
It added that the recent spike in transaction volume on Shibarium resulted in thousands of BONE tokens spent on transaction fees as part of the SRC-20 minting process.
Despite keeping transaction fees to less than a penny, the Shiba Inu team could still burn over $75K worth of SHIB via fees obtained from Shibarium-related transactions.
Notably, the team specified in the original Shibarium document that it would buy and burn SHIB from fees obtained on the network. Per the team, 70% of Shibarium fees would be used to buy back and burn SHIB.
However, Shibarium-powered SHIB burn will be executed after the network has accumulated $25,000 worth of BONE in transaction fees. With the recent spike in Shibarium transaction volume, the team executed its first-ever Shibarium-powered SHIB burn sooner than expected.
Consequently, experts are speculating that the massive surge in Shibarium’s daily transaction volume could see the team burn between 5 trillion and 20 trillion SHIB tokens monthly.
At press time, a total of 410,671,682,564,412 (410.67 trillion) SHIB have been incinerated from Shiba Inu’s circulating supply. However, the daily burn rate was down 99.99% in the hour leading up to press time.