Shiba Inu Community Burns 643M SHIB Tokens In February, Shibarium Not Included

The prominent dog-themed crypto asset Shiba Inu has maintained its principle of token control through periodic burns.In February 2024, the project's community, fondly called the SHIB Army, destroyed millions of Shiba Inu coins.

The community's massive token burn was without Shibarium-based incineration last month.

SHIB Army Burns Millions of Shiba Inu Tokens in February

Data from Shibburn, the tracking site for Shiba Inu burns, revealed the unwavering commitment of the SHIB Army to the token-burning mechanism.According to the data, the Shiba Inu community incinerated 643.65 million (643,656,418) SHIB tokens in February.

The community completed the incineration through 134 different transactions within the period.

643,656,418 $SHIB tokens have been burned in the month of February with 134 transactions. #SHIB pic.twitter.com/F6ihbnd76o

- Shibburn (@shibburn) March 1, 2024

Compared to the current circulating supply of approximately 590 trillion tokens, February's SHIB token burn is negligible. Moreover, the total number of SHIB tokens the community burned in February is below those for January 2024 and last December.

According to Shibburn, the SHIB Army incinerated about 9.93 billion Shiba Inu tokens in January. However, the number of coins destroyed in December last year was massive.

The community sent 36 billion SHIB tokens to the dead address during the mentioned period.

Shibarium-powered burns were part of the total SHIB coins destroyed in these months. This accounted for the increased burn rates for the months. The Shiba Inu team executed periodic burns of billions of SHIB tokens in both December and January using a portion of Shibarium gas fees.

The L2 scaling solution network completed four token-burning processes last December and one in January this year. However, no Shibarium-powered burns were recorded in February.

4th $SHIB Burn Alert!

Enjoy these #Shibarium flames. pic.twitter.com/jlYSlhl9hG

- | SHIB.IO (@LucieSHIB) December 22, 2023

The indicated amount of burnt coins only came from the Shiba Inu community members and its ecosystem projects.

Additionally, Shibburn revealed a 30,187% surge in the burn rate within the past 24 hours. The increase followed the burning of 3.75 SHIB coins over the past day.

Source:Shibburn

Team To Automate Shibarium-Powered Token Burns Soon

Although the Shibarium-powered token burn wasn't recorded in February, the Shiba Inu development team plans to automate the process very soon. The team revealed the move in the eleventh edition of Shiba Inu Magazine.

The auto-burning plan is essential in fortifying the Shibarium's overall economic stance.

Also, it would cut down SHIB's total supply and boost the token's value in the long run. The team has already deployed the mechanism on the Shibarium testnet, Puppynet, for testing.

Once the testing is complete and all necessary corrections are made, the team will integrate the process on the mainnet.

Besides the massive token burns, SHIB made some positive progress in its performance over the past few days. It recorded an increase of over 36% and 45% within the past 7 and 30 days, respectively. However, the coin has declined today.

SHIB trades at $0.000013, reflecting a drop of 5.76% over the past 24 hours, with trade volume over $1.31 billion. For the overall position in the crypto market, SHIB now ranks as the sixteenth-largest crypto asset, according to CoinMarketCap. Also, its market cap sits at $7.66 billion.

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