SHIB Burn Rate Soars 300% with Community Pushing for More

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by Giorgi Kostiuk

2 years ago

In the past 24 hours, the SHIB community significantly increased the burn rate of the currency, raising the issue of the need for more substantial circulation reduction.

SHIB Burns Surge

According to a report by Shibburn, the SHIB burn rate saw a 300% increase in the last 24 hours, with over 24 million SHIB burned. The two largest transfers sent 17 million and 4 million SHIB to unspendable addresses. Over the last week, the community managed to burn more than 89 million SHIB, marking a 60.82% increase.

Community Burn Poll

The SHIB community is actively discussing increasing the burn rate. A SHIB-themed account launched a poll for users to vote on burning 30% or 90% of the current supply. However, SHIB team members, including marketing lead Lucie and main developer Shytoshi Kusama, stated that they cannot control the circulation or expedite burns. The only way to decrease SHIB supply is to increase the utility of Shibarium, allowing BONE gas fees to burn tokens automatically.

The SHIB community's efforts have resulted in a significant increase in burned tokens, but the demand for a considerably larger reduction remains unresolved. Realization of this proposal requires active engagement with the Shibarium ecosystem.

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