Tens of millions of $SHIB removed from circulation again. Shibburn
has managed to reduce the circulating supply of SHIB by another 28 million meme coins.
Since the launch of the Shibarium testnet at the start of last month, the weekly number of destroyed SHIB has shown a significant rise. Still on daily burns, the SHIB burn rate often keeps dropping well below zero.Overall, a not-critical amount of Shiba Inu has been burned – 28,217,505 coins. It has dumped the burn rate by 75.55% into the red zone. Two days ago, it was up byas a staggering 1.1 billion SHIB was removed from circulation. This was the amount of SHIB burned over the whole past week.
Now, as Puppynet is up and running, 70% of the base transaction fee paid in BONE is getting converted into Shiba Inu and sent to dead-end addresses, i.e., burned. This has accelerated burns overall significantly, compared to the fall of last year and the winter of 2023. The latter began with high figures too, though.
Overall, the current burn mechanism of SHIB is not showing impressive results as, despite the surge in burns over the past month, there are still 573,910,454,889,067 Shiba Inu circulating out there on the market. In total, around half of the total circulating supply has been locked in unspendable wallets already, but it has not affected the price of the popular meme cryptocurrency.
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