SHIB Burns Reach Over 13.5B In 24 Hours

The meme network has recorded increased token burn activities after the Shiba Inu (SHIB) team burned BONE, SHIB, and LEASH tokens.

Hence, SHIB’s updated burn rate is now 15,608% as the network aims to enhance the token’s utility and scarcity.

Surge In SHIB Burn Rate

The recent surge in the burn rate of Shiba Inu tokens coincides with the increased activities within the Shiba Inu ecosystem. Notably, SHIB’s price has experienced a remarkable 300% surge in a week, reaching a high of $0.00004575.

Detailed insights from the Shibburn X account reveal a substantial burn of nearly 14 billion SHIB tokens across 12 transactions, equivalent to about $490,000. This surge in the burn rate is a clear indication of the community’s robust engagement within this ecosystem.

In the past 24 hours, there have been a total of 13,610,153,841 $SHIB tokens burned and 12 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/c20XPloBbV

— Shibburn (@shibburn) March 9, 2024

Adding context to this surge, the network’s social media administrator, RagnarShib, shared a post on X showing a detailed breakdown of the burns that played a role in the over 15,600% burn rate increase. According to his breakdown, the four significant burn transactions that took place involved SHIB (two), LEASH (one), and BONE (one).

There were 4 transactions for burns in the dead wallet. 2 transactions for burning #Shib one transaction for burning #Leash and one more for burning #Bone pic.twitter.com/SU4YcfNXhy

— RagnarShib.eth (@RagnarShiba) March 9, 2024

In the first transaction, nearly 9.65 billion SHIB tokens were sent to a dead wallet. Another noteworthy transaction was the burning of over 3.8 billion SHIB tokens, contributing significantly to the overall surge in the burn rate.

Additionally, two transactions involved burning more than 19,500 BONE tokens and approximately 29 LEASH tokens, highlighting the community’s dedication to the burn process.

Explaining The Shibarium Burn Process

Meanwhile, Shiba Inu’s lead developer, Shytoshi Kusama, revealed the methodology behind calculating the burn figures in a recent blog post. Kusama provided a comprehensive explanation of how the specific figure of 92 ETH, which was subsequently burned, was determined.

Furthermore, the introduction of Sheboshis (a female version of Shiboshis) was met with enthusiasm from the Shiba Inu community. Kusama outlined the structure governing the proceeds derived from potential sales. According to Kusama’s breakdown, the operating income generated from Sheboshi’s sales would undergo a 50% downward adjustment.

Within this adjusted income, 10% is earmarked for burns, distributed across various tokens: 6% for SHIB, 1% each for BONE, LEASH, TREAT, and SHI. Thus, deductions for capital expenses and tax considerations mean the operating income would be 600 ETH.

Kusama explains that 36 ETH were allocated for SHIB burns per this predetermined structure. In comparison, 6 ETH were earmarked for the historic occasion of burning LEASH and BONE tokens.

Disclaimer

This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.