Shiba Inu, the meme-powered cryptocurrency beloved for its playful mascot and passionate community, has taken a significant step towards its goal of curbing token supply and boosting value. The team behind the project has ignited the Shibarium burn engine, sending a staggering 8.24 billion SHIB tokens (worth over $75,000) to the dead wallet in a single transaction. This marks the first-ever burn on Shibarium, a layer-2 blockchain designed to enhance scalability and transaction efficiency for the Shiba Inu ecosystem.
The monumental news broke on X (fka Twitter), where Vet Kusama, the Shibarium Tech Telegram group admin, declared the achievement to the crypto world. Lucie, the Shiba Inu marketing manager, further fueled the excitement, highlighting the team’s relentless pursuit of innovation.
This burn event comes on the heels of Shibarium surpassing 34 million transactions, showcasing its rapidly growing adoption. The network processed a remarkable 7.82 million transactions in the past 24 hours alone, solidifying its position as a thriving platform within the SHIB universe.
Shibarium Burns Hot: 70% Fee Feeds the Shiba Inu Bonfire
The Shiba Inu team, adhering to their earlier commitment outlined in the Shibarium document, allocated a portion of the network’s fees to burn SHIB tokens. Notably, a generous 70% of the base fee is dedicated to repurchasing and burning SHIB, effectively reducing its circulating supply and potentially driving up its price.
Shytoshi Kusama, the mastermind behind Shiba Inu, shed further light on the burn mechanism, clarifying that Shibarium will automatically execute burn transactions whenever the burn contract accumulates $25,000 in BONE, the native gas token of Shibarium. This automated approach ensures a consistent and predictable burn rate, keeping the community informed and engaged.
Interestingly, the burn unfolded sooner than anticipated. While Lucie previously mentioned an eight to twelve-month timeframe for the initial burn, Shibarium’s impressive transaction volume accelerated the process. This unexpected turn of events is a testament to the platform’s burgeoning activity and its potential to become a potent burn engine for Shiba Inu.
Experts are now buzzing with excitement, envisioning Shibarium incinerating a staggering 5 trillion to 20 trillion SHIB tokens monthly. This potential for large-scale burns could fundamentally alter the Shiba Inu landscape, potentially propelling the token towards greater value and mainstream adoption.
With Shibarium’s fire ignited, the Shiba Inu community eagerly awaits the next inferno. As more users migrate to the platform and fuel its transaction engine, the burn rate is poised to skyrocket, potentially transforming Shiba Inu into a force to be reckoned with in the ever-evolving cryptocurrency space.