- The number of Shiba Inu being burned has surged by more than 300%
- A total of 147,895,761 SHIB tokens were burned over 28 separate transactions.
- The Shiba Inu ecosystem’s governance token BONE also soared in value.
According to the Shibburn website, the number of Shiba Inu being burned has surged by more than 300% in the last 24 hours, with more SHIB burning transactions than ever before.
Over the past day, a total of 147,895,761 SHIB tokens were burned over 28 separate transactions, according to a tweet from the Shibburn Twitter handle.
In the past 24 hours, there have been a total of 147,895,761 $SHIB tokens burned and 28 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) August 31, 2022
A total of 57,304,085 SHIB tokens were burned over the past two days.
Since the beginning of August, over a billion, SHIB tokens have been burned, with over 1,214,431,010 burned in the past week alone. In the week prior, over 542 million SHIB, or more than half a billion, were sent to dead wallets.
Leading Shiba Inu developer Shytoshi Kusama describes the annihilation of trillions of Shiba Inu as a “true community endeavor.” According to the developer, the project is branching out in unexpected ways. Kusama said it could be a while before they see results as he hopes the timing is in their favor.
The Shiba Inu ecosystem’s governance token, BONE, also soared in value by 92.77% to $2.17 as a result of rising investor confidence. BONE is notable for its near 150% increase in the last 48 hours. That caused a 400% spike in the volume of BONE trades executed in a single day.
The asset continues to generate buzz as it inches closer to the 230 million token cap. The Shiba Inu community unanimously voted to suspend all BONE farming when 230 million tokens have been generated. The subsequent Layer 2 Shibarium would make use of the remaining 20 million tokens. The maximum supply of BONE tokens is still 250 million.
At press time, Shiba INU was trading at $0.00001237.