Nearly 344 million Shiba Inu tokens got incinerated, driven by the developments surrounding the sales of Shiba Inu x Tangem hardware wallets. Shibarium1, the developer behind SHIB, initiated a poll to determine the community’s decision on how to utilize the sales proceeds from these hardware wallets.
While a number of participants supported the idea of token burning, a few others proposed an alternative option—option C—which suggested donating the SHIB tokens for relief support.
Ultimately, a significant majority of SHIB enthusiasts cast their votes in favor of burning the earnings. This outcome was declared as the final result of the poll, culminating on August 12. The team pledged to burn SHIB tokens equivalent to 5% of the cumulative wallet sales amount related to Tangem wallets.
Shibarium1 also disclosed that the Swiss crypto hardware wallet company had shipped more than a thousand hardware wallets to SHIB supporters in recent months, specifically 1007 wallets.
Following the team’s commitment, 5% of the total sum amounted to 3,524 USDT. Considering the prevailing exchange rate, this translated to approximately 342.5 million SHIB tokens.
An additional significant update came from the community-driven burn tracker Shibburn, which revealed that within the past 24 hours, the SHIB community successfully burned over 700 million tokens. Remarkably, around 50% of this total was incinerated in a single transaction.
Shiba Inu Burn Spikes
Shibburn’s data highlighted the active engagement of SHIB supporters over the last 24 hours. They managed to reduce the circulating supply of Shiba Inu by a staggering 716,485,403 SHIB meme tokens, facilitated by 97 transfers. Impressively, over the course of the past week, a total of 1.1 billion SHIBs were locked away in eternity.
On a broader scale, Shiba Inu boasts a robust network boasting more than 1.3 million holders. With a daily trading volume of approximately $385 million, this renowned meme token remains poised for bullish momentum.
In parallel, the visionary behind the project, Shytoshi Kusama, actively engages with the community by unveiling exciting updates with respect to Shibarium’s development. Traders and investors keenly observe both short-term price shifts and the overarching progress that could significantly mold the coin’s future trajectory.
The crypto realm eagerly anticipates the imminent launch of Shibarium, with high expectations for a potential game-changing influence on Shiba Inu and its evolving ecosystem.