Wednesday, February 1, 2023
HomeCrypto NewsShiba InuAs the Year Ends, Shiba Inu Burn Rate Rises by Over 13,100%

As the Year Ends, Shiba Inu Burn Rate Rises by Over 13,100%

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In the last 24 hours, holders destroyed more than 302.50 million Shiba Inu, of which 297.29 million were burned in a single significant transaction.

The Shiba Inu Community collectively removed a staggering 302,506,518 (302.50M) SHIB from circulation in a total of 5 separate transactions in the past 24 hours.

An unknown wallet recently burned the SHIB.

According to Etherscan.io, the unknown wallet made a huge transaction around 8 hours ago that involved sending 297,290,339 (297.29M) SHIB, worth $2,390, to the “inferno” addresses. 

The enormous burn leaves the unknown wallet with zero SHIB.

The burn mentioned above led to a 13198.08% increase in Shiba Inu’s burn rate over the previous day.

Shiba Inu Developers Quickly Approaching Shibarium Beta Launch

Shytoshi Kusama, the lead developer for the Shiba Inu, had good news for the community this year despite the severe burns. 

As was previously reported, Kusama indicated that developers and the Unification XFUND team are drawing near to the Beta introduction of the much anticipated Shibarium – Layer 2 Solution. 

According to Shytoshi Kusama, the launch of Shibarium Beta will take place “very soon” once all the necessary components have been aligned and completed.

On the other side, SHIB Trophias, one of the top SHIB developers, asserts that they will first produce Shibarium documentation, and the team will then attempt to release Shibarium Beta.

Shiba Inu is currently trading at $0.000008043, down -0.88% from the previous day, with a $79,673,161 ($79.67M) 24-hour trading volume.

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