SHIB Community Burns 350 Million Coins

According to the information provided by the Shibburn explorer, the SHIB community continues to effectively burn millions of these meme coins and transfer them to non-spendable wallets.

This time, the SHIB army has eliminated nearly 350 million Shiba Inu meme coins from circulation. More than fifty percent of that quantity was consumed in a single transfer.

In the past twenty-four hours, the community has effectively removed 349,012,147 SHIB through 19 transfers. Nearly every hour, at least two or three SHIB pieces were incinerated.

Approximately 14 hours ago, the most outstanding transaction here destroyed more than half the total: 233,632,193 Shiba Inu.

These fires aim to eliminate as many SHIBs as possible from circulation to reduce market supply. This is intended to make SHIB a scarce asset and theoretically raise its price.

The so-called “dead” wallets are unspendable, meaning tokens transmitted there cannot be withdrawn or spent in any way.

The community is eagerly anticipating the launch of the Shibarium Layer-2 blockchain, as the beginning of operations on the Shibarium mainnet would mean constant contributions to SHIB burns—a portion of the gas fee for each transaction would be set aside by the developers and converted into SHIB to be burned later.

Shibarium has been integrated into the DEXTools app, enabling users to trade cryptocurrencies directly on Shibarium.

Since August 23, the second-largest meme coin by market capitalization value has mounted a modest recovery of 5.11% over the past three days.

In the past twenty-four hours, the price of SHIB has increased by nearly 3 percent, progressively recovering from the recent price decline.

When writing, SHIB was trading on the Binance exchange for $0.00000821.