A substantial portion of $SHIB tokens have been burned since the launch of Shibarium, the Layer 2 #blockchain solution for the Shiba Inu (SHIB) ecosystem, making the coin more rare and potentially valuable over time. The following are some important details about the SHIB coin burn:
August 2023: A total of 5,715,986,938 #SHIB tokens were removed from circulation in August, which added to the overall burn rate.
September 2023: Over 46 million SHIB were sent to an address that no one could access, increasing the burn rate by about 92% over the previous 24 hours. The SHIB army burned around 570,000,000 Shiba Inu in 130 transfers during the final week of September, with a slight 71% increase in burn rate.
October 2023: In the last 24 hours, 75,192,032 SHIB meme #cryptocurrency were moved to dead blockchain addresses, signalling a sustained rise in the burn rate. SHIB has a total supply of 999,992,188,828,143, more than 41% of which has already been destroyed.
The Shibarium Layer 2 blockchain built on #Ethereum ($ETH ), which has more than 1.25 million wallet addresses less than two months after its introduction, has been used more frequently, fueling the burning of SHIB tokens. The sustained success of the #crypto currency burn and the expansion of the Shiba Inu ecosystem depend on the community's support of and involvement with Shibarium.
