Shiba Inu Community and Development Team Intensify Efforts Towards Rare Asset Transformation”
The Shiba Inu community and development team have spared no effort in taking another significant step towards transforming the SHIB meme currency into a rare asset. Data shared by cryptocurrency tracker Shibburn reveals that over twelve billion SHIB tokens have been burned, marking a 2,230% increase in the burn rate, with billions of SHIB destroyed.
The aforementioned data source disclosed that in March, the Shiba Inu supply witnessed a remarkable decrease as a total of 15,644,329,668 SHIB tokens were transferred to non-spendable wallets, equivalent to nearly half a million US dollars – $454,154 at the time of writing. Overall, this led to a 2,330% monthly burn rate increase for SHIB, according to data provided by Shibburn.
All the mentioned billions of SHIB tokens were approximately moved from circulation by the SHIB development team and also burned significant amounts of BONE and LEASH tokens. Earlier, between late November and February, the SHIB team burned nearly 40 billion Shiba Inu tokens. These burning operations were conducted using funds from Shibarium fees – a portion of transaction fees paid by users in BONE were transferred to Shiba Inu and moved to non-spendable wallets to be locked there indefinitely.
As for the daily indicator, the SHIB community managed to burn only 4,498,428 SHIB tokens in the past 24 hours, resulting in a 61.78% decrease in the burn rate.
Shibarium Sets New Record
According to data provided by the Shibariumscan explorer, the Layer-2 solution created by the SHIB team on the Ethereum blockchain has once again reached an all-time low in daily transactions on this network. On March 31st, the total daily transfer volume reached only 3,690 after peaking at 172,290 just a few days earlier and reaching 412,270 on March 25th. This 2.34 million daily transfers represented the highest record recently recorded – at the beginning of March.
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However, other major on-chain transactions on this network showed cumulative growth – the total number of transactions has increased to 413,154,847 so far, adding nearly a million transfer operations during the past month. Overall, transaction activity has been low on Shibarium recently.
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