Shiba Inu Burns Skyrocket 2,230%, Billions of SHIB Vanish

The Shiba Inu community has made significant progress in reducing the coin's supply, with the burn rate surging by 2,330% in March. Over 15 billion SHIB coins were removed from circulation, primarily by the developer team using Shibarium fees. Despite these efforts, daily transactions on Shibarium have hit a new low, while the total transaction count continues to rise.

Shiba Inu Burns Skyrocket by 2,230% as Billions of SHIB Disappear

Burnt: 15.6 Billion SHIB, Equivalent to Nearly Half a Million Dollars

In a significant development for the Shiba Inu (SHIB) community, the cryptocurrency's burn rate has soared by an astonishing 2,230% in March, resulting in the incineration of over 15 billion SHIB tokens. This concerted effort by the community and developers aims to reduce the circulating supply of SHIB, turning it into a scarcer asset.

According to data from Shibburn, a cryptocurrency tracker specializing in SHIB burns, a total of 15,644,329,668 SHIB coins were sent to unspendable wallets in March. This massive burn is equivalent to approximately $454,154 at the time of writing.

SHIB Developer Team Leads the Charge

The majority of the burnt SHIB tokens, amounting to nearly all of the billions mentioned above, were removed from circulation by the SHIB developer team. On March 9th, they initiated a major burn of 13,610,153,841 SHIB, alongside substantial quantities of BONE and LEASH tokens.

Between late November and February, the SHIB team destroyed a further 40 billion Shiba Inu coins. These burns were funded by Shibarium fees, with a portion of the transaction charges paid by users in BONE being converted into SHIB and subsequently transferred to unspendable wallets for permanent storage.

Daily Burn Rate Dips, But Monthly Figures Impress

While the daily burn rate has experienced a decline of 61.78% over the past 24 hours, with only 4,498,428 SHIB tokens disposed of, the monthly burn rate remains highly impressive. The overall monthly burn rate has increased by 2,330%, highlighting the community's ongoing commitment to reducing SHIB's supply.

Shibarium Transactions Hit Anti-Record Low

In contrast to the surge in SHIB burns, the Layer-2 solution built by the SHIB team atop the Ethereum chain, known as Shibarium, has witnessed a significant drop in daily transactions. According to data from Shibariumscan, the daily transfer level on March 31st plummeted to a mere 3,690, far below the peak of 172,290 reached earlier in the month.

Despite the low transaction activity lately, the total transaction count on Shibarium has steadily climbed to 413,154,847, reflecting a gradual rise in overall usage.

Conclusion

The recent surge in SHIB burns, led by the community and developers, marks a significant step towards reducing the circulating supply of the meme coin. While Shibarium's daily transactions remain low, the platform's cumulative usage has increased, indicating its potential for future growth. As the SHIB community continues to embrace burning and other initiatives to enhance its scarcity, the future prospects of this cryptocurrency remain promising.