The Shiba Inu community continues to destroy more SHIB tokens moving the burn rate to surge by 8627.82% according to fresh data from Shibburn. The data shows that over the last 24 hours, the number of SHIB tokens burned exceeds the one of Sunday by a massive number of percentage.
According to Shibburn, over the past week, trillions of SHIB have been removed from circulation. Shibburn made this known via a recent tweet on its page. This time, the SHIB community destroyed over 50,188,691 of the meme coins.
The largest amounts were burned in two transactions. One of the transfers burned 39,511,911 SHIB, and the second one burned 10,676,779 of the meme coins over 16 hours ago.
HOURLY SHIB UPDATE$SHIB Price: $0.00000861 (1hr 0.08% ▲ | 24hr -1.41% ▼ )
Market Cap: $5,070,671,510 (-1.45% ▼)
Total Supply: 589,357,912,568,032
Past 24Hrs: 50,188,691 (8627.82% ▲)
Past 7 Days: 3,093,934,362 (-36.07% ▼)
— Shibburn (@shibburn) May 22, 2023
The efforts of the Shiba Inu community to burn these tokens continue to grow. More reports show that over the past week, a total of 3,093,934,362 SHIB tokens were removed from circulation.
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Live data from the Shibburn website show that about 410,642,087,431,967 SHIB has been burned and over 574,308,414,826,062 still remains in circulation.
Shiba Inu Burn mechanism revealed
On Sunday, May 21, the Shiba Inu team released the mechanism behind the SHIB burn on the new layer 2 (L2) Shibarium network. According to the update, when a transaction is completed on the Shibarium, a transaction fee is paid in BONE and locked on the network. The validator then receives the priority fee. Furthermore, 30% of this fee is set aside for maintaining the network. The remaining 70% is burned.
Recent screenshots show that once the quantity of BONE locked in the contract exceeds 10 BONE, the fee can be burned. It will then be automatically converted to SHIB and sent to an unusable wallet.
Meanwhile, investors are racking up their SHIB investments. During the previous week, investors stacked up over 26 trillion SHIB tokens according to reports provided by IntoTheBlock analytics company.
Shiba Inu (SHIB) price today
Live data from CoinMarketCap shows that the price of SHIB today is $0.00000875 USD. Its price is up by 1.83% in the last 24 hours. What’s more, Shiba Inu is ranked #15 on the CoinMarketCap chart with a live market cap of $5,176,465,565 USD.