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Shiba Inu Team Burns 8.24 Billion SHIB in One Go

source-logo  thecryptobasic.com 05 December 2023 08:38, UTC

The Shiba Inu team burned over 8.24 billion SHIB tokens as Shibarium surpassed the 34 million transaction count threshold.

SHIB team has just performed the first-ever burn on Shibarium, sending a record-breaking 8,241,856,589 (8.24 billion) SHIB tokens, equivalent to $75,412, to the dead wallet in a single transaction.

The news broke first on X (fka Twitter), with Vet Kusama, the Shibarium Tech Telegram group admin, sharing the momentous achievement with the crypto community.

8.2 Billion #Shib was burned by the Shiba team.#Woof https://t.co/YPt06f3HJu pic.twitter.com/KyPKJuuuDs

— Vet KUSAMA ™ (@vetkusama) December 4, 2023

Lucie commented on the development, saying the team is always busy working.

Some people like to talk negatively and leech off others, while some just do their job and deliver. People need to understand the difference.#Shibarium x #Shiba Devs 💯🫖 pic.twitter.com/gn9HoNg8cx

— 𝐋𝐔𝐂𝐈𝐄 | ✨Shib.io✨ (@LucieSHIB) December 4, 2023

The move comes soon after Shibarium, the L2 blockchain of the Shiba Inu ecosystem, achieved a new milestone by processing over 34 million transactions. The latest data from Shibariumscan.io reveals that the network has processed 7.82 million transactions in the past 24 hours, bringing the total transaction count to 34,950,933 (34.95 million).

The burn was carried out per the Shiba Inu team’s earlier commitment outlined in the Shibarium document. The document specified that a portion of the network’s fees would be allocated to burn SHIB tokens. Specifically, 70% of the base fee was reserved to buy back and burn SHIB tokens.

Shytoshi Kusama, the lead developer of Shiba Inu, provided additional clarity by confirming that burn transactions on Shibarium would occur each time the burn contract hits $25,000 in Bone ShibaSwap (BONE), the native gas token of Shibarium.

The burn event unfolded sooner than expected as the marketing manager of Shiba Inu Lucie had formerly communicated that Shibarium burning SHIB was a long-term endeavor, expecting the first burn to materialize within eight to twelve months of launch. Lucie urged the Shiba Inu community to migrate their holdings to Shibarium, emphasizing that increased activity on the platform would contribute to a heightened burn rate.

Experts are now speculating that Shibarium could have a revolutionary impact on the Shiba Inu burn rate, with the network’s potential to incinerate 5 trillion to 20 trillion tokens monthly.