Shiba Inu Removes 490M SHIB From Circulation in a Day

Shiba Inu burns nearly 490 million SHIB tokens in a record-breaking day as the Shibarium Public Beta release looms.

Shibburn.com, a prominent SHIB burn tracker, recently reported that a gargantuan 489,895,235 (489.89M) SHIB had been permanently removed from circulation through eight separate transactions the past 24 hours.

In the past 24 hours, there have been a total of 489,895,235 $SHIB tokens burned and 8 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy

— Shibburn (@shibburn) March 11, 2023

The most significant SHIB burn transaction comes from the wallet dubbed “Shiba Inu: Deployer 2,” sending a whopping 485,682,280 (485.68M) SHIB to the burn addresses in one significant transaction.

?? 485,682,280 SHIB -> transferred to dead wallet. https://t.co/cIhPQcdT94

— Shibburn (@shibburn) March 10, 2023

The wallet incinerated over 2 billion Shiba Inu tokens in the past two days.

Although the record burns over the last day, the overall Shiba Inu’s burn rate declined by -71.28% compared to the previous day when a herculean 2,204,313,475 (2.20B) SHIB were destroyed through fifty-eight separate transactions.

Shiba Inu Burn Rate Plunges 71 Percent in the Past 24 Hours

The burn of a large amount of Shiba Inu tokens from an address that is a SHIB contract deployer makes the Community link the burns with the Shiba Inu team and the upcoming release of the Shibarium Public Beta.

According to an official announcement by the team, the beta version of Shibarium is scheduled to be released this week.

On the other hand, Shiba Inu’s mainstream adoption continues to gain momentum. This is evidenced by the recent partnership between Xeni, an online travel booking portal, and BitPay, enabling the use of Shiba Inu and other cryptocurrencies as payment.

In addition, NOWNodes, a well-known provider of blockchain node infrastructure, has announced its integration plan for Shibarium following its earlier declaration of support for the project.

Meanwhile, large investors in Ethereum, such as “BlueWhale0073,” are accumulating significant amounts of Shiba Inu, with reports indicating the purchase of over 215 billion SHIB worth $2.2 million in the past 24 hours and 674 billion SHIB in the past ten days.

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