Shiba Inu's Shibarium Sees Surge in Transactions, Accelerating 'SHIB Burn' | Transaction Count Exceeds 50 Million

Explore the dramatic rise in Shiba Inu's Shibarium transactions, now exceeding 50 million, and how it's fast-tracking the burning of SHIB.

Learn about the innovative mechanism driving this surge and its impact on SHIB's future in this in-depth analysis.

Major SHIB Burn Imminent as Shiba Inu Reports Significant Increase in Shibarium Transactions

Shiba Inu (SHIB) announced on December 6, 2023, that there has been a significant increase in transaction volume on Shibarium, a Layer 2 solution related to SHIB, leading to an accelerated burning (destruction) of the SHIB cryptocurrency.

Launched in August of this year, Shibarium is a Layer 2 solution linked to Shiba Inu, utilizing 'BONE' as its gas token. The platform also incorporates a mechanism for 'SHIB burning' in its on-chain transactions.

The SHIB team reported in their recent post that "due to the impact of SRC-20 token issuance on Shibarium, transaction counts have surged past 38 million."

This increase in transactions has kept transaction fees low, with thousands of BONE tokens being used, signaling a significant SHIB burn on the horizon.

The Mechanics of SHIB Burning on Shibarium

Reports indicate that 70% of the fees paid on Shibarium are used for 'SHIB buyback and burn.' The SHIB buyback and burn is reportedly executed once $25,000 worth of BONE accumulates in transaction fees.

On December 5, it was reported that the "SHIB team burned approximately 8.24 billion SHIB," attributed to the surge in Shibarium's transaction volume.

This increase in transactions has led to an earlier-than-scheduled SHIB burn.

Furthermore, the SHIB team explained in a post on December 4 that "Shibarium's burn mechanism includes a manual phase and an automated transition phase. Initially, burns will be conducted manually, with a transition to an automated system scheduled for January."

Continuing Surge in Shibarium Transactions

As of December 6, the SHIB team reported "a total of 38 million transactions on Shibarium." However, the volume of transactions on Shibarium has continued to rise sharply, with the total number of transactions surpassing 50 million as of December 7, 2023.

With SHIB's total issuance at 1 quadrillion SHIB, CoinMarketCap reports the 'net supply of SHIB after burns' as approximately 589.59 trillion SHIB.

With ongoing increases in Shibarium transactions, the amount of SHIB burned could continue to rise, heightening community expectations for future SHIB burns.

>> Click here for the latest articles related to SHIB.