Shiba Inu Token Burn Milestone: Over 15 Billion SHIB Burned in March

The Shiba Inu community and developers have made significant progress in reducing the coin's supply, with over 15 billion SHIB burned in March, a 2,330% increase in the burn rate. The majority of the burn was executed by the SHIB development team, who utilized Shibarium fees to permanently remove SHIB from circulation.

Shiba Inu Community Achieves Milestone, Burning Over 15 Billion SHIB Tokens in March

The Shiba Inu (SHIB) community and development team have made significant progress towards reducing the supply of the popular meme coin, with data indicating that over 15 billion SHIB tokens were burned in March. This represents a substantial increase in the burn rate, with billions of SHIB being permanently removed from circulation.

Burn Rate Soars, Billions of SHIB Destroyed

Shibburn, a cryptocurrency tracker that monitors SHIB burn activity, revealed that a total of 15,644,329,668 SHIB coins were sent to "virtual furnaces" in March. This equates to approximately half a million US dollars at the time of writing.

The increased burn rate was primarily driven by the SHIB development team, which transferred the vast majority of the burned SHIB tokens from the circulating supply. Notably, on March 9th, the team destroyed a staggering 13,610,153,841 SHIB, along with significant amounts of BONE and LEASH tokens.

Shibarium Fees Fund Token Burns

The SHIB team has been utilizing funds from Shibarium fees to support its burn initiative. Shibarium is a Layer-2 solution built on the Ethereum blockchain that aims to improve the scalability and efficiency of SHIB transactions. A portion of the transaction charges paid by users in BONE, the native token of Shibarium, is converted into SHIB and sent to unspendable wallets for permanent removal.

Daily Burn Rate Declines

While the monthly burn rate saw a significant surge, the daily burn rate has recently experienced a decline. The SHIB community burned only 4,498,428 SHIB within the last 24 hours, representing a drop of 61.78%.

Shibarium Transactions Reach Record Low

Despite the community's efforts to burn SHIB tokens, activity on Shibarium has been relatively low. Data from Shibariumscan, an explorer for the Layer-2 solution, shows that the daily number of transactions on the network has hit a major low. On March 31st, daily transactions plunged to just 3,690 after reaching a peak of 172,290 a few days earlier.

However, the total transaction count on Shibarium has continued to rise, currently standing at 413,154,847. This suggests that the network has been gradually gaining traction, despite the recent slowdown in transaction activity.

Overall, the Shiba Inu community's recent success in burning billions of SHIB tokens represents a significant milestone in its efforts to reduce the coin's supply and increase its scarcity. While the daily burn rate has declined, the community and development team remain committed to their goal of making SHIB a more valuable asset.