In the past seven days, the meme token Shiba Inu community has managed to remove a significant amount of SHIB from the circulating supply, according to data published in a tweet by the Shibburn transaction follower.
1 Billion SHIB Meme Tokens Burned Last Week
A total of 1,073,775,122 SHIBs have been sent to dead wallets in the past seven days. This figure is 45.04% less than the amount of SHIB destroyed compared to the previous week, but the weekly burn rate is still quite high.
HOURLY SHIB UPDATE$SHIB Price: $0.00001076 (1hr 0.33% ▲ | 24hr -4.68% ▼ )
Market Cap: $6,335,680,106 (-4.79% ▼)
Past 24Hrs: 25,604,920 (-63.32% ▼)
Past 7 Days: 1,073,775,122 (-45.04% ▼)
— Shibburn (@shibburn) April 3, 2023
Over the past week the SHIB army has destroyed 1,642,854,789 SHIBs. This includes the staggering 834,804,461 SHIB removed from circulation in a single transfer.
The number of meme tokens burned in the last 24 hours consists of 25,604,920 SHIB. This figure is 63.32% less than what was burned on Saturday.
Shiba Inu burns have been greatly fueled by transactions in the Shibarium beta called Puppynet, which launched on March 11.
Recently released Shibarium documents have revealed new details about the impact of the Shibarium Layer 2 network on Shiba Inu's overall burns.
The documentation says the transaction fees are fractional as it is based on Shibarium's Proof-of-Stake system. The cost of porting SHIB on Puppynet is about 10,000 times cheaper than on the Ethereum chain.
In addition, the transaction fee paid with BONE tokens is divided into a basic fee and a priority fee. The latter is paid to the validators.
As for the base charge, 70% of it will be converted into SHIB and burned. Thirty percent will be set aside for developers to maintain the network.
Over the weekend, the Shiba Inu price surged over 6% to $0.00001143.
However, in the last 24 hours, SHIB has dropped just over 7%. After a slight 2% increase thereafter, the featured meme coin is trading at $0.001082 on Binance.