- Shiba Inu enthusiasts burn a record 2.25 billion SHIB in 24 hours, increasing the burn rate by 31,000%.
- Shibarium, Shiba Inu’s Layer-2 scalability solution, is expected to burn 500 billion SHIB per year upon launch.
Record-breaking Shiba Inu Burns
In an extraordinary 24-hour period, Shiba Inu enthusiasts managed to burn an unprecedented 2,259,598,377 (2.25B) SHIB. This significant milestone was reached through six individual transactions, with CultPunks and a mysterious wallet being the primary contributors to the burn.
In the past 24 hours, there have been a total of 2,259,598,377 $SHIB tokens burned and 6 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more.
— Shibburn (@shibburn) May 3, 2023
CultPunks and Blaze Token Drive Burns
CultPunks, a new NFT collection launched on the Modulus Network, removed 246,743,138 (246.74M) SHIB from circulation permanently through a single transaction executed around 19 hours prior to press time.
Shortly after, the Blaze token sent a staggering 2,005,265,274 (2B) SHIB, valued at $19,992, to the dead wallet in a single massive transaction. As a result, the overall burn rate skyrocketed by 30,940.10% compared to the previous day, when only 5,834,817 (5.83M) SHIB were burned across three separate transactions.
THIS IS JUST THE START!!!
LIKE AND RETWEET! pic.twitter.com/EuZmbOXLrU
— Blaze Token (@blaze_token) May 2, 2023
Shibarium and the Future of SHIB Burn Rate
Despite the recent decline in the SHIB burn rate, lead developer Shytoshi Kusama reassured the community by stating that their ultimate goal is to burn trillions of dollars’ worth of SHIB coins in conjunction with the release of the Layer-2 scalability solution, Shibarium.
Since the start of 2023, Shiba Inu has been part of the crypto market rally, with the SHIB price increasing by over 35% and competing with other major altcoins like Polygon’s MATIC, Litecoin (LTC), and Aptos (APT).
According to the MVRV-Z score indicator, SHIB is still undervalued and could potentially surge by another 75% within the next two months. Another key factor driving the SHIB price is the imminent launch of Shibarium.
Several recent developments have occurred within the ecosystem, including hints from popular influencer SHIB Knight about the development of the Shibarium bridge, which would facilitate asset transfers between the Layer-2 platform and Ethereum. Furthermore, crypto hardware wallet manufacturer Ledger has confirmed its support for Shibarium upon launch.
Shibarium’s Potential 500 Billion Token Burn
A Shiba Inu-focused account, SHIB PPP, has recently shared its expectations for the total Shiba Inu (SHIB) burns through the Layer-2 Shibarium protocol, estimating that 500 billion SHIB could be burned per year once the protocol goes live.
This considerable burn rate for SHIB would provide a substantial price boost for the cryptocurrency. Official documentation states that Shibarium’s base fee will be divided, with 70% being burned and the remaining 30% reserved for network maintenance.
Based on current BONE and SHIB prices, SHIB PPP predicts a burn rate of 500 billion SHIB coins per year if Shibarium performs as expected. Shiba Inu developers are also working to expand the ecosystem further. In a recent Telegram message, Shiba Inu’s lead developer Shytoshi Kusama hinted at the potential release of Shibaswap 2.0, stating that they are developing a more advanced version of the decentralized exchange (DEX).