The Shiba Inu community has been actively reducing the supply of SHIB coins through token burns, with a significant amount of 522 million SHIB burned in the past seven days. This move comes as part of the ongoing Shibarium pre-launch campaign, with expectations of even more extensive burns in the future.
According to data from the Shibburn Explorer, the cumulative amount of SHIB coins transferred within the past week totaled 522,956,324. This figure represents a decline of 63.97% compared to the previous week’s burn rate. Additionally, in the last 24 hours, 35,772,688 SHIB was sent to dead-end wallets in 10 transactions, the largest of which involved 12,999,999 SHIB and was executed by an anonymous crypto whale 17 hours ago.
Shiba Inu’s Scarcity Strategy and Shibarium Mainnet Launch
The main goal of token burns is to reduce the circulating supply of a cryptocurrency, in this case, SHIB, to create scarcity and potentially drive up its value in the long term. However, despite the significant amount of SHIB already locked in unspendable wallets, there hasn’t been a noticeable impact on the Shiba Inu price so far.
As the launch of the Shibarium mainnet approaches, the SHIB community is bracing for trillions of SHIB to be burned on a weekly basis. This is expected to occur due to every transaction on Shibarium contributing to token burns through gas fees, which will be paid in BONE tokens. Part of these fees will be allocated to developers, while the rest will be converted into SHIB and subsequently burned.
In a notable development, Shytoshi Kusama, the anonymous leader of the SHIB developer team, has confirmed his participation in the upcoming ETH Toronto event. The event is scheduled to take place during the Blockchain Futurist Conference in Toronto, Canada, on August 15-16. Kusama is expected to deliver a speech via AI, maintaining his anonymity and not revealing his true identity.
With Kusama’s involvement at the ETH Toronto event, speculations arise that the launch of the Shibarium mainnet is drawing near. According to SHIB’s marketing expert, Lucie, the team is making final preparations to roll out the mainnet soon after the conclusion of the conference. The community eagerly awaits the milestone moment that is set to change the dynamics of SHIB and the entire Shiba Inu ecosystem.
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