Shibburn platform, which shared details of SHIB burn transactions with the crypto community, spread the word about an astounding rise of the SHIB burn rate within the span of the last 24 hours with a huge chunk of SHIB moved to dead-end wallets.

In the meantime, Shibarium Layer-2 solution has reached a new milestone, showing that its utility keeps growing.

115 million SHIB removed from circulation

Per data shared by the above-mentioned source, this time since Thursday morning the SHIB community has pushed the burn rate up by 1359.82% as it disposed of a remarkable 115,759,009 SHIB. Notably, a staggering 100,000,000 Shiba Inu meme coins – nearly all the SHIB removed this time – were burned in a single transfer.

Shib burn rate jumps

This is the second biggest burn rate jump this week. On Monday, this metric demonstrated a rise of 7,700% with a whopping 544,958,383 SHIB coins transferred to dead blockchain addresses.

The goal of these constant and regular SHIB burns is to move as many meme coins to dead addresses, from where they will not be withdrawn or spent. Their permanent stay in these unspendable wallets will make the coin more scarce. Providing the demand for SHIB also soars, the second largest meme coin has a potential to show a significant price increase in the future.

Shytoshi Kusama’s statement on burns

In a recent message on social media, the lead developer of Shiba Inu, who calls himself Shytoshi Kusama, addressed the Shiba Inu community regarding how burns should work and the SHIB army’s expectations regarding them.

He wrote that significant SHIB burn volumes will only come “through utility and use” of Shibarium, while the community simply expects “magic burns”. He stressed that there will be no burns without actual use of the Shibarium blockchain.

Kusama then slammed all those who is spreading FUD (popular acronym within the crypto community standing for “fear, uncertainty, doubt”) are pushing away investors, partners and users from Shibarium and this is basically “shooting in the foot” of the SHIB army.

Shytoshi also stated that Shibarium needs DAO (decentralized autonomous organization) and SNS – Shiba Name Service. The latter has been launched earlier this week and it allows Shibarium users to set up “human-readable addresses” for themselves, rather than use the traditional sequence of digits and letters for a blockchain address.

Shibarium hits new milestone

In the meantime, Shibarium chain continues to see its key metrics increase. After reached a 3,500,000 transactions milestone recently, Shibarium has now reached a 3,780,336 transaction milestone, according to the Shibariumscan explorer.

The number of daily transactions remains stably slightly over 13,000 after major surges in September and October.

The total number of connected wallet addresses has grown to the 1,259,795 level, while the number of mined blocks stands at 1,472,727.

By admin

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