In a remarkable display of dedication and enthusiasm, the Shiba Inu community has once again demonstrated their commitment to reducing the circulating supply of SHIB meme coins. Over the course of just 24 hours, an astounding 45,379,403 SHIB tokens were successfully transferred to dormant wallets, causing the burn rate of SHIB to surge by an astonishing 100.54%.
The week started on a somewhat gloomy note as the burn rate of SHIB initially dipped into negative territory, raising concerns among community members who closely monitor the token’s performance in the cryptocurrency market.
However, the sentiments quickly shifted after a bullish statement from SHIB’s lead developer, Shytoshi Kusama. Kusama’s statement hinted at a potential strategy to drive up the value of SHIB, sparking renewed excitement among investors.
The impressive burn operation brought the burn rate from below zero to an astounding 100.54%, underscoring the determination of SHIB holders to diminish the circulating supply. Notable transactions contributing to this burn included a transfer of 9,891,756 SHIB as the largest, while even the smallest transfers carried a substantial 14,292 meme coins. This latest move follows a trend set by the community, which managed to remove a total of 341,152,570 SHIB from the circulating supply just last week.
Shytoshi Kusama, the leader of the SHIB development team, recently addressed concerns about SHIB’s stagnant price on social media with a cryptic hint that “hard work” holds the key to propelling the popular meme coin’s price upward. This enigmatic statement left the community speculating about what measures might be taken to drive SHIB’s value higher.
Meanwhile, Shytoshi Kusama’s latest project, Shibarium, a Layer-2 blockchain developed in conjunction with Ryoshi, has been making significant strides since its initial launch on 15 August 2023. Following a temporary collapse due to a remarkable influx of traffic, Shibarium made a triumphant return to the scene. In the nearly 40 days since its relaunch, Shibarium has achieved several notable milestones.
The number of transfers conducted on this network has exceeded an impressive 3.3 million, showcasing a growing interest in its capabilities. Shibarium is gaining recognition for its efficiency and scalability, attracting users looking to harness the potential of the Shiba Inu ecosystem.
Another significant achievement for Shibarium is the total count of mined blocks, which has soared past the one million mark. This milestone underscores the network’s robustness and its ability to handle a high volume of transactions while maintaining security and decentralization.
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