In a significant development, the Shiba Inu community has successfully executed a substantial burn of SHIB meme coins within the past 24 hours, as reported by Shibburn, a tracking website dedicated to monitoring SHIB transactions. SHIB witnessed a rather discouraging negative burn rate at the week’s outset.
However, following an encouraging statement from the lead of SHIB developer Shytoshi Kusama regarding the coin’s price in X post, the burn rate experienced an astonishing surge, skyrocketing by more than 100%.
It might move more if you grip your talisman harder.
— Shytoshi Kusama™ (@ShytoshiKusama) October 8, 2023
I'm kidding, of course. It takes true work, and those who Bark the loudest aren't the ones working.
According to the data freshly posted on Shibburn’s website, an impressive 45,379,403 SHIB coins have been strategically transferred to dormant blockchain addresses within this brief timeframe.
This influx of burned tokens drove the burn rate from an initial negative value to an impressive 100.54%, demonstrating the Shiba Inu community’s strong commitment to reducing the circulating supply of SHIB tokens. Among the noteworthy transactions during this burn event, the largest involved the transfer of a substantial 9,891,756 SHIB tokens.
Even the smallest transaction in this burn list accounted for 14,292 meme coins. Notably, this accomplishment follows a week in which the community effectively removed 341,152,570 SHIB tokens from the circulating supply, as previously reported by Shibburn.
In a tweet by LucieSHIB, the market specialist acknowledged Shytoshi Kusama’s statement addressing a worried observer who voiced discontentment with the unchanging SHIB value earlier this week. Kusama imparted a crucial perspective, underscoring that significant progress for the widely-followed meme coin hinges on persistent diligence and dedication.
Beyond the success of SHIB, Kusama is actively involved in developing Shibarium, a Layer-2 blockchain project launched on August 15. Shibarium, although initially facing technical challenges due to an overwhelming influx of users, has displayed remarkable resilience. In the nearly 40 days since its second release, Shibarium has achieved notable milestones, including surpassing the 3.3 million mark for network transfers and exceeding one million in mined blocks, reflecting the project’s significant progress and growing adoption within the blockchain ecosystem.
Shiba Inu (SHIB) is trading at $0.00000694, with a 24-hour trading volume of $92,242,140. The crypto has seen a slight increase of 0.22% in the last 24 hours, albeit with a 4.85% dip over the preceding week.
