Over 700M Shiba Inu Burned in Preparation For Shibarium Launch

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Over 700M Shiba Inu Burned in Preparation For Shibarium Launch

Last updated on May 18th, 2024 at 11:56 am

The Shiba Inu community has succeded in removing over 700M SHIB tokens from circulation ahead of the expected launch of the Shibarium network. According to data from Shibburn – a dedicated Shiba Inu burn platform, the burns were carried out across 97 transfers.

Some members of the Shiba Inu community believe that a substantial amount of the burn was carried out by a Shiba Inu partner that produces cold wallets. Meanwhile, the number of SHIB tokens destroyed continues to increase daily as the launch of the Shibarium layer 2 (L2) solution approaches.

Also, impressively, over the past week, a staggering 1,164,755,557 (1 billion) SHIB tokens were destroyed by the SHIB community.

342,561,867 SHIB burned in a single transfer

Per the Shibburn data, a massive 342,561,867 (342 million) was destroyed in a single transfer which happened approximately 10 hours ago from press time. This amount represents almost half of the entire amount burned over the last day. Some members of the community have linked this activity to Tangem – a Swiss cold wallet producer.

over 342 million shib burned in a single transfer

Source: Shibburn

Related Reading: TRON Founder Justin Sun Reveals that he Holds Over 100k Bitcoins

An X (formerly Twitter) user pointed to the company as the one behind the significant burn. The claim was not falsified as Tangem also commented on the post with a GIF of Seth Meyers saying “We Did It Guys.” Tangem previously reported that they were ready to burn about 5% of their SHIB wallet sales profit after converting them to SHIB. 3,524 USDT was set aside for this activity.

Other notable transactions include one that moved 13,545,762 (13 million) SHIB tokens to a dead wallet, carried out about an hour ago from press time. Similarly, another wallet destroyed 13,218,258 (13 million) Shiba Inu tokens about 6 hours ago from the time of writing. In addition, 31,547,062 (31 million) SHIB tokens were destroyed in a single transaction about 17 hours ago.

Shibarium could launch in a few days

Meanwhile, the Shiba Inu community has been looking forward to the launch of the Shibarium blockchain which could be any day from now. The Blockchain Futurist Conference will happen in Toronto on the 15-16 August. The event will be sponsored by Shiba Inu and other notable crypto companies including WonderFi, NDAX, Kraken, Coinbase, and Brave.

During this event, Shytoshi Kusama – Shiba Inu lead developer will give a speech through an Artificial Intelligent app, talking about SHIB, Shibarium, decentralization as well as their prospects in the near future. The loyal Shiba Inu community expects that during this conference, the official launch of the Shiarium network will be announced.

We look forward to this event with our fingers crossed.


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