A Wallet Burns 77M SHIB, 109M SHIB Totally Burned in 24 Hours

More than 109.12 million SHIB tokens burned in the last 24 hours, with 77.5 million burned in a single transaction.The memecoin's community has permanently removed 109.12 million SHIB from overall circulation in the last 24 hours. This burning occurred in nine different transactions.

Crypto pundits globally are excited about the ongoing burn activity and hope to burn more than 5 trillion SHIBs per month in the coming months.

Shiba Inu Community Removes 109 Million Shiba Inu from Overall

Amid this burning activity, a huge transaction came from a dormant SHIB wallet that had been inactive since October 27, 2021.

Over one hour ago, the dormant wallet became reactivated and moved its holding of 77.52 million SHIB to the dead wallet in one single transaction.

Besides this first transaction, another wallet contributed to the 24-hour burn by deleting 15.05 million SHIB from the overall supply in one massive transaction.

It is worth noting that this growth in burn activity in the Shiba Inu network has also led to a 234.73% spike in the overall SHIB burn rate in the last 24 hours. Yesterday July 18, the Shiba Inu Community burned 35.14 million SHIB tokens through nine different transactions.

Shibarium Launch Anticipation

Currently, there is growing anticipation within the Shiba Inu community as members speculate that the burn rate of the ecosystem will continue to increase with the deployment of the much-anticipated Shibarium-Layer 2 solution. Crypto pundits even project a monthly burn rate of about a trillion SHIB tokens.

The official launch date of Shibarium is set to occur at the forthcoming Blockchain Futurist Conference between August 15th-16th.Furthermore, Shytoshi Kusama, the lead developer of the memecoin ecosystem, has also informed community members to expect other major and interesting developments.

These developments are set to begin after the Shibarium mainnet launch in August. Shiba Inu is the title sponsor of the forthcoming conference in Toronto next month.

According to the pseudonymous Shiba Inu lead developer, this sponsorship ranks Shiba Inu with other leading crypto exchanges and protocols, solidifying its position as a top player in the crypto industry.

The conference is very important as it collides with Shiba Inu's third-year anniversary, Shibapendence Day. Also, Shibarium will be the main focus of the August conference.

Attendees to the event can expect a multiple-month hackathon to explore Shibarium's functionalities, together with a VIP cabana, two dedicated books, and variable Shib-themed platforms, products, and services.

It is worth noting that Kusama will attend the conference virtually to present a digital keynote speech and discuss insights into the big picture and objectives of the Shibarium mainnet.

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