Compared to last year, in 2023, the burning of SHIB, both weekly and daily, has seen a significant increase. However, over the past week, the burn rate has dropped by nearly 76% compared to the previous week. Despite this decrease, nearly two hundred million SHIB meme coins have been sent to dead wallets.
200 million SHIB burned
According to a recent tweet by the Shibburn wallet tracker, over the past seven days, the SHIB army has transferred a total of 199,231,172 Shiba Inu to “inferno” wallets, permanently locking the coins. This is 75.89% less than what was burned a week ago. As for the amount of SHIB burned in the past 24 hours, it stands at 4,931,351 SHIB – 28.45% less than what was burned on Friday.
The “burning” of coins is nothing more than sending them to wallets from which they cannot be spent or withdrawn. The goal is to gradually reduce the circulating supply in order to make the coin deflationary and scarce, which in the long term can result in a substantial increase in price.
Shytoshi Kusama announces Shibarium launch date
In a blog post published in Japanese earlier this week, the pseudonymous lead developer of Shiba Inu, Shytoshi Kusama, announced the time and place where the launch of the Shibarium Layer-2 blockchain will be discussed. This will take place in Toronto, Canada, where SHIB will be one of the sponsors of the annual ETHToronto conference.
This is what the SHIB community has been eagerly awaiting since March 11, when a Shibarium testnet called Puppynet was deployed and Kusama promised to launch the mainnet no later than May.
At the time of writing this article, the second largest meme cryptocurrency, Shiba Inu, is trading at $0.00000732 on the Binance exchange after posting a 3.84% decrease since Thursday and a 6.37% drop since Tuesday.
You can track the price movement of Shiba Inu and other cryptocurrencies on the cryptoview.io app.
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