The Shiba Inu (SHIB) community is excited as the burn rate of SHIB tokens has surged by a staggering 500%, resulting in the burn of more than half a billion SHIB tokens. This significant development is reshaping the landscape of the Shiba Inu ecosystem and is being hailed as a pivotal moment for the meme-inspired cryptocurrency.
The new Shiba Inu Layer 2 blockchain has brought in over a million interacting wallets, a major signal of its utility and adoption.
The Burn Phenomenon
Shiba Inu, introduced as a significant rival to Dogecoin, has steadily gained traction in crypto. One of the major forces behind its rise has been the burn strategy, a deliberate process of removing tokens from circulation to create scarcity and potentially increase the value of the remaining tickets.
Over the past few months, the SHIB community has actively participated in the burn mechanism, sending SHIB tokens to a burn wallet address. This concerted effort to reduce the token’s supply has reached a remarkable milestone.
This week that just concluded saw over half a billion SHIB burned, with millions of SHIB also sent to dead wallets in the last 24 hours.
Based on reports by Shibburn, 564,273,572 SHIB tokens were burned in 88 transactions in the last seven days. This number of tokens is worth $4,425, which is a decline of 74%.
On Sunday, 135,851,937 SHIB tokens burned in just 11 transactions, causing a 500% surge in the daily burn rate.
Nearing the Wrapped Bone Announcement
According to Shiba Inu lead Shytoshi Kusama, WBONE was completed, and Shiba Inu developer Kaal Dhairya would soon make an announcement.
WBONE is a Shibarium-based token representing BONE in a standardized form compatible with the Shibarium network’s smart contracts and decentralized applications (dApps).
Additionally, WBONE enhances the compatibility of BONE with other tokens and dApps on the Shibarium network. Users can wrap their BONE tokens into WBONE, allowing them to seamlessly interact with different DeFi (decentralized finance) protocols and DEXs (decentralized exchanges) that may require tokens to be in a standardized format.
The Shiba Inu community’s proactive involvement in token burns exemplifies the decentralized nature of cryptocurrencies. Unlike traditional financial systems, the fate of SHIB tokens is in the hands of its holders and supporters, who are actively shaping the project’s future.