In a recent tweet, transaction tracker Shibburn published data showing that the Shiba Inu community had been able to burn a substantial number of the meme tokens in the last seven days.
1 Billion SHIB burned
According to ShibToday, the total number of SHIB tokens that had been sent to dead wallets to remove them from the circulating supply in the market in the past seven days were 1,073,775,122.
While this is almost 45.04% less than what had been burned in the week before last, but it still shows that weekly burning continues to happen at a high rate.
In the week before last, the Shiba Inu community had been able to burn a total of 1,642,854,789 tokens. This included a single transfer that burned a staggering number of 834,804,461 tokens.
As far as the number of SHIB tokens burned in the last 24 hours are concerned, they stood at about 25,604,920.
This puts it about 63.32% less than the number of tokens that were burnt on Saturday. The Shiba Inu burning that has been happening of late is mostly due to the transactions on Puppynet.
This is the Shibarium beta version, which had been rolled out in the market on March 11th, 2023.
Shibarium’s contribution
New documents were recently published about Shibarium, which shed light on how exactly the layer-2 protocol contributes to the overall burning process of the Shiba Inu token.
The documents clarify that since the proof-of-stake (PoS) stystem is used by Shibarium, there are fractional transaction fees.
As compared to the Ethereum blockchain, it is 10,000 times cheaper for people to move SHIB on the Puppynet chain.
The BONE token is used for paying the transaction fees and it is divided into a priority fee and base fee. The former is to be paid to the validators, while 70% of the latter is converted into Shiba Inu and then burned.
The remaining 30% will be used by developers for network maintenance. Crypto analyst Ali Martinez had recently tweeted that there had been the biggest rise in daily activity of SHIB wallets in the last few days of March.
The analysts said that a total of 35,788 Shiba Inu wallets had interacted on the network.
Price performance
Over the weekend, there had been a 6% rise in the price of the SHIB token, which had pushed it up to the level of $0.00001143.
However, the next 24 hours had seen the price of the SHIB token drop by 7%. Then there had been a mild rise of 2% and then another 3.5% fall on Monday.
The canine-themed token was last changing hands on the Binance exchange at the price of $0.00001082.