Whopping 1 Billion SHIB Burned in Past Week, Shiba Inu Price in Green

Read U.TODAY on

Google News

According to data published by the Shibburn transaction tracker in a recent tweet, over the past seven days, the Shiba Inu community succeeded in removing another substantial amount of SHIB from the circulating supply.

Related articles

Shiba Inu Struggles To Get Consistent Gains Resulting In Investors Switching To Mpeppe (MPEPE)

30 July 2024

Key Shiba Inu Metrics Skyrocket Today: SHIB Price Rally Incoming?

30 July 2024

Over 1 billion SHIB burned

Over the past seven days, a total of 1,073,775,122 SHIB have been sent to dead wallets. This is 45.04% less than was destroyed compared to the week before last, but weekly burns are still at quite a high level. During the week before last, the SHIB army removed 1,642,854,789 SHIB. That included a staggering 834,804,461 SHIB removed from circulation in a single transfer.

As for the number of meme tokens burned during the last 24 hours, it constitutes 25,604,920 SHIB. That is 63.32% less than was burned on Saturday.

Shiba Inu burns now have been largely fueled by transactions on the Shibarium beta called Puppynet, which was launched on March 11.

ADVERTISEMENT

Here’s how Shibarium contributes to SHIB burns

The recently published Shibarium documents have revealed new details about the impact of the Shibarium Layer 2 network on the overall burns of Shiba Inu. Since Shibarium is based on the proof-of-stake system, transaction fees are fractional, the documents say. The fee to move SHIB on Puppynet is around 10,000 times cheaper than on the Ethereum chain.

Besides, the transaction fee paid in BONE tokens is divided into a base fee and priority fee. The latter is to be paid out to validators. As for the base fee, 70% of it is to be converted into SHIB and burned. Thirty percent will be put aside for the developers to maintain the network.

According to a tweet by crypto analyst Ali Martinez, over the few last days of March, he spotted the biggest surge in the daily activity of Shiba Inu wallets over the past year. The network saw approximately 35,788 SHIB wallets interacting on the network.

SHIB price performance

Over the weekend, the Shiba Inu price demonstrated a rise by over 6%, surging to the level of $0.00001143.

However, during the past 24 hours, SHIB was pushed down slightly over 7%. After a mild 2% increase after that, the prominent meme coin is changing hands at $0.00001082 on the Binance exchange.