Another Monumental SHIB Token Burn
The driving force behind this surge in burn rate is the Shiba Inu team’s latest token burn, in which they effectively destroyed over 8 billion SHIB tokens. The platform tracker reveals that approximately 8,533,564,693 SHIB, valued at $90,711, were burned in a single transaction at 00:30 UTC today.
This recent burn adds to the already massive number of SHIB tokens burned, which currently sits at about 410.68 trillion since the coin’s launch.
Interestingly, this isn’t the first time the Shiba Inu team has conducted a burn of this magnitude on Shibarium. In fact, this is the third burn of its kind in the past month alone. Lucie, a member of the project’s team and marketing lead, confirms this in a recent post on X (formerly Twitter).
On December 4, an eye-popping 8.24 billion SHIB tokens, valued at over $75,000, were sent to the dead wallet. Similarly, on December 16, the team continued their Shibarium-powered fires by burning an additional 8.61 billion SHIB. The total amount burned on Shibarium now stands at an astonishing 25.38 billion SHIB.
An uptick in SHIB token burns can also be attributed to the surge in transactions taking place on the Shibarium platform. Since the start of this month, Shibarium has experienced a remarkable increase in daily transactions. On average, the platform processes over 5 million transactions per day, with some days seeing as many as 7.5 million transactions.
Due to this increased activity, the team has allocated a portion of the fees collected to burn large quantities of SHIB tokens, further contributing to the escalating burn rate.