Shiba Inu Community Rejoice As 176M $SHIB Burns In One Transaction

• The crypto has burned more than 520 million tokens in the last 7 days.
• Shiba Inu’s burn tracker reported that it has burned more than 176 million $SHIB in one transaction.
• Shiba Inu insider noted that the SHIB burn is also the community’s responsibility, not just the developer’s.

On September 20, Shiba Inu’s official burn tracker tweeted that over 176 million $SHIB tokens were transferred to a dead wallet. However, that isn’t all. In the last 24 hours, 135,933,606 $SHIB were burned adding to a total of 521,814,163 tokens burned in the last 7 days.

As per Shibburn’s last hourly update, the meme coin’s current price stands at $0.0000073 with a 0.15% drop in the last 1 hour. The overall 24-hour price change showed a decrease of 1.34%, featuring a market capitalization worth $4,297,527,749.

On September 18, a team member from the Shiba Inu team answered questions related to Shibarium’s highly anticipated SHIB token burn. The Twitter user, known as Lucie, tweeted “burns are set per transaction,” suggesting the timing of the token burn is dependent on the level of community engagement. Additionally, she encouraged holders to “support this move,” as SHIB burns are about equal collaboration between developers and the community. Lucie added:

It’s adorable to see people hyping burns and never use Shibarium, but the fact remains that $SHIB burns are a community effort, not a call to the devs saying, “Do something.

According to Lucie’s insight, the Shibarium team’s key focus lies on strengthening the Bone ShibaSwap token, also called BONE. She claimed that BONE’s deployment safeguarded investor interests. Therefore, to achieve this, the team had implemented a timelock contract, paired with a decentralized multi-signature wallet to ensure maximum protection.

Yesterday, the well-known node provider that offers support for more than 80 blockchain networks, NOWNodes unveiled that Shibarium processed over 7 million RPC requests for the network in just one week. NOWNodes further noted that such a high volume of RPC requests processed for Shibarium marks a new record for the platform since its debut on NOWNodes.