Shibarium Hits 200M Transactions: 131M Shiba Inu Tokens Burned

• Shibarium hits 200 million transactions, displaying substantial growth.
• Shiba Inu community burns 131 million SHIB, escalating the daily burn rate by over 1,800%.
• Approximately $1 million worth of BONE tokens have been collected, with less than $400,000 burned so far.

Shibarium, the layer-2 solution for Shiba Inu (SHIB), has achieved a monumental milestone by reaching over 200 million transactions since its launch in August. This figure highlights the platform’s rapid growth and increasing adoption by developers and various platforms joining the Shibarium ecosystem. 

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Within a single day, an astounding nine million transfers were added, underscoring the platform’s burgeoning activity. The Shibarium blockchain has been consistently demonstrating an impressive rise in its total transaction count, with the current tally standing at a staggering 200,936,256 transactions. Notably, the daily transaction volume has hovered around the eight million mark since the commencement of December.

Moreover, the Shiba Inu community recently executed a significant move by burning 131 million SHIB tokens. This action led to an exponential surge in the daily burn rate, escalating it by a remarkable 1,812.27% compared to the previous day. This strategy aims to reduce the circulating supply of SHIB tokens, potentially influencing the token’s value over time.

The burns were facilitated through six transactions, with the largest among them transferring 123,661,759 SHIB tokens to unspendable wallets, effectively removing them from circulation. Over the past five weeks, the Shiba Inu team has been actively involved in conducting SHIB burns totaling approximately 36 billion SHIB tokens. 

These burnt SHIB tokens were derived from BONE tokens collected as transaction fees on Shibarium, amounting to around $1 million in value. However, only a fraction, less than $400,000, has been burned through four transfers of 8.5 billion SHIB each.

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