Shibarium Implements "Third SHIB Burn" | Total Transactions Exceed 160 Million

Uncover the exciting developments in Shibarium's latest SHIB burn, where over 8.53 billion SHIB tokens were destroyed, contributing to a total of 25 billion SHIB burned to date.

Read on to explore Shibarium's burn mechanism, transaction growth, and implications for SHIB's supply dynamics.

Shibarium Burns Approximately 8.53 Billion SHIB

Shibarium, the Layer 2 solution associated with Shiba Inu (SHIB), has recently implemented its third manual SHIB burn, as announced by SHIB's marketing leader, Mr. Lucie, in a post dated December 22, 2023.

In this latest burn, approximately $90,285 worth of SHIB, amounting to 8,533,564,693 tokens, were destroyed.

Shibarium's Cumulative Burn Surpasses 25 Billion SHIB

To date, Shibarium's manual burns have destroyed approximately 25.39 billion SHIB in total: the first burn eliminated around 8.24 billion SHIB, and the second another 8.62 billion SHIB.

The current mechanism for Shibarium's burn involves purchasing and manually burning SHIB using accumulated BONE tokens paid as transaction fees. With an increase in the number of transactions on the Shibarium network, it is anticipated that SHIB burns will accelerate.

Notably, Shibarium's transaction volume has been steadily rising, with total transactions surpassing 160 million as of December 22, from 100 million reported on December 14, indicating a potential for further reduction in SHIB's circulating supply.

SHIB Supply as of December 22, 2023

The SHIB burn tracking platform 'Shibburn' reported in a December 22 post that a total of 8,593,932,621 SHIB tokens were burned in the past 24 hours, including the latest burn.

As of the same date, the overall SHIB burned, total supply, and circulating supply were reported as follows:

In the past 24 hours, a total of 8,593,932,621 $SHIB tokens have been burned across 10 transactions. Visit 'shibburn.com' for details on the total number of SHIB tokens burned, circulating supply, and more.

>> For the latest updates on SHIB, click here.