In the last 24 hours, the Shiba Inu Community successfully eliminated 109.12 million SHIB tokens from circulation. This significant burn occurred through nine distinct transactions. As a result, these tokens have been permanently removed from the ecosystem.

During the recent burn spree, a notable event took place when a dormant wallet, which had been inactive since October 27th, 2021, suddenly became active. Approximately an hour ago, this wallet initiated a massive transaction, transferring its entire holdings of 77.52 million SHIB tokens to a dead wallet. 

Apart from the previously mentioned transaction, another wallet played a significant role in the 24-hour burn by removing 15.05 million SHIB tokens from circulation in a single strong transaction. This substantial contribution further contributed to the overall reduction of SHIB tokens available in the market.

Related article: Shiba Inu Top Partner, Welly Confirms Presence at Upcoming Toronto Event, Sparks Excitement in Community

SHIB Burn Rate Skyrocket

The SHIB burn rate has experienced a remarkable surge, soaring by an impressive 234.73% in the last 24 hours. On Tuesday, July 18th, the Shiba Inu Community burned 35.14 million SHIB tokens through nine separate transactions.

However, this remarkable increase in burn activity has sparked excitement and speculation within the community. Many are eagerly anticipating the launch of Shibarium, the highly awaited Layer 2 solution. Enthusiasts are even envisioning a future burn rate of an astonishing 5 trillion SHIB tokens per month, which has added to the anticipation and enthusiasm surrounding the project.

The highly anticipated debut of Shibarium will be officially unveiled during the forthcoming Blockchain Futurist Conference scheduled for August 15th and 16th. Shytoshi Kusama, the lead developer of Shiba Inu, has shared with the community that there are more thrilling advancements to look forward to after the mainnet launch of Shibarium. Fxcryptonews has reported on these updates, building further anticipation and excitement among community members.