On Easter Sunday, more than 1.1 billion Shiba Inu tokens were burned in one significant transaction. Development is the most enormous fire of the year in a climate where 1.5 million SHIBs are taken out of circulation daily. The last time 1 billion tokens were taken out of circulation was in January 2023, when 1,124,579,958 were sent to the dead wallet in the same month. But this time, 1.1 billion tokens were burned in one significant transaction per day.
BREAKING‼️1.1 billion $SHIB burnt in a single transaction! 🔥https://t.co/pccy54oexS
— SHIB HODLER (@ShibaInuHodler) April 9, 2023
Shiba Inu Burns Before Shibarium Layer-2 Network
A significant burn in one day happens long before the Shibarium Layer-2 network emerges. The dog-themed token has a supply of 589 trillion; Shibarium could be the only thing to save it. The Shiba Inu team said that SHIB tokens would be burned for every transaction on Shibarium.
If the L2 solution burns a lot of tokens, it could help SHIB’s price go up in a way that isn’t too risky. But the size of the fires isn’t known because the Shibarium Layer-2 network hasn’t started yet. The beta testnet is up and running right now, so users can see how the network will work in the future.
Burns can make or break a Shiba Inu’s market price and decide its future. If the fires are more significant, the number of tokens in circulation will drop significantly, making them harder to get.
Also, if the burns are minor, SHIB might never go up in the indices. This would make it impossible for the 1-cent dream to come true. Shiba Inu traded at $0.00001095 at press time, a 0.7% increase over the last 24 hours. From its all-time high of $0.00008616 in October 2021, SHIB is now down 87.29%.