Weekly SHIB Burn Rate 76% Down Despite Great Shibarium News

Compared to last year, in 2023, SHIB burns, both weekly and daily have seen a substantial increase. This year, weekly burns have reached several hundred million SHIB, still, over the past week, compared to the previous one, the burn rate is nearly 76% down.

Despite the decline, nearly two hundred million SHIB meme coins have been sent to dead wallets.

200 million stash gets burned

According to a recent tweet published by the Shibburn wallet tracker, over the past seven days, the SHIB army transferred a total of 199,231,172 Shiba Inu to “inferno” wallets, locking the coins there for good.

This is 75.89% less than what was burned a week before. As for the SHIB stash burned over the past 24 hours, it comprises 4,931,351 SHIB — 28.45% less than was burned on Friday.

HOURLY SHIB UPDATE$SHIB Price: $0.0000073 (1hr -0.04% ▼ | 24hr 0.73% ▲ )
Market Cap: $4,299,609,106 (0.62% ▲)
Total Supply: 589,349,509,931,466

TOKENS BURNT
Past 24Hrs: 4,931,351 (-28.45% ▼)
Past 7 Days: 199,231,172 (-75.89% ▼)

— Shibburn (@shibburn) July 8, 2023

“Burning” coins is nothing but sending them to wallets from which crypto cannot possibly be spent or otherwise withdrawn. The goal is to gradually reduce the circulating supply in order to make the coin deflationary and scarce, which in the long run may lead to a substantial price increase.

This technique has mainly been adopted by meme coins (aside from SHIB, BabyDoge conduct regular large token burns, and FLOKI now plan to do the same by introducing their metaverse game Valhalla), but also Ethereum, BNB and a few other tokens.

Still, despite roughly 500 trillion SHIB having been burned already (per the Shibburn website), this fact has hardly had any noticeable impact on the meme coin’s price.

Shytoshi Kusama announces Shibarium launch date

In a blog post published in Japanese earlier this week, the pseudonymous lead developer of Shiba Inu Shytoshi Kusama named the time and place where the launch of Shibarium Layer-2 blockchain will be discussed.

It will take place in the middle of August in Toronto, Canada, where SHIB will be one of the sponsors of the annual ETHToronto conference. This is what the SHIB community has been looking forward to since March 11 when a testnet of Shibarium under the name Puppynet was rolled out and Kusama promised to launch mainnet not later than May.

At the time of this writing, the second largest meme cryptocurrency Shiba Inu is changing hands at $0.00000732 on the Binance exchange after showing a 3.84% drop since Thursday and a 6.37% fall since Tuesday.