Official Shiba Inu Account X announced that the team was approaching a major SHIB burn after burning 8.24 billion tokens with Shibarium fees.
Shiba Inu, team cryptocurrency The company recently reached a significant milestone after performing its first SHIB burn powered by Shibarium, the unit’s L2 scaling solution.
Shiba Inu Team Burns 8.24B SHIB
As previously reported, the Shiba Inu team burned 8.24 billion SHIB tokens worth $75,412. This massive cremation increased the Shiba Inu’s cremation rate to a whopping 1548111.1%.
The SHIB team, in particular, is following a spike in the network’s daily transactions. Shibarium carried out the first assisted cremation.
It is worth noting that Shibarium has processed more than 5 million transactions per day since December 1. Interestingly, Shibarium’s daily transactions rose to 7.84 million on December 3, before the heavy burn.
According to data from Shibariumscan, the number of daily transactions increased to 7.86 million yesterday, bringing the network’s total number of transactions to 43.51 million.
Shiba Inu Approaching a Big SHIB Burn
Commenting on the development, Shiba Inu said that Shibarium is approaching a major burn following the increase in transaction volume. told.
🚀 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
He added that the recent increase in transaction volume on Shibarium has resulted in thousands of BONE tokens being spent on transaction fees as part of the SRC-20 minting process.
The SHIB team is able to burn over $75k in SHIB through fees generated from Shibarium-related transactions, despite keeping transaction fees below a penny.
Notably, the team stated in the original Shibarium document that it would purchase and burn SHIB from fees generated on the network. According to the team, 70% of the Shibarium fees would be used to reclaim and burn the SHIB.
However, Shibarium powered SHIB burning is worth 25,000 in network transaction fees BONNET It will be carried out after accumulation. With the recent increase in Shibarium transaction volume, the team executed the first Shibarium-powered SHIB demolition sooner than expected.
As a result, experts predict that the massive increase in Shibarium’s daily trading volume could see the team burn between 5 trillion and 20 trillion SHIB tokens monthly.
At the time of writing, a total of 410,671,682,564,412 (410.67 trillion) SHIB has been burned from the circulating supply of SHIB.