Home » Journal » Shibarium Readies for $1 Million Shiba Inu Burn as Official Reveals Intriguing SHIB Burn Details

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Shibarium Readies for $1 Million Shiba Inu Burn as Official Reveals Intriguing SHIB Burn Details

Rene Peters

December 13, 2023

In a recent revelation by the prominent Shiba Inu-themed Twitter/X account, @ShibBPP, the Shiba Inu (SHIB) community is buzzing with anticipation over a potential million-dollar SHIB token burn.

The tweet reveals that a substantial amount of SHIB tokens, valued at over a million USD in BONE, await conversion into SHIB and subsequent incineration on Shibarium. The account tweeted, “Who is pushing the button?” of burning the entire sum of 1,396,569 BONE after conversion. While discussions on this potential SHIB incineration are underway, recent data shows a modest increase in the burn rate, with 3.1 million Shiba Inu tokens transferred to dead-end addresses.

Shibarium, Shiba Inu’s blockchain, covers transaction expenses using Bone ShibaSwap (BONE) tokens. A significant portion of these fees is earmarked for specific purposes—supporting Shibarium’s operations and converting part of the sum into SHIB, destined for unspendable blockchain wallets.

The exact allocation of the 1,396,569 BONE for burning or retention by the developer team remains undisclosed, leaving the community eagerly anticipating a potentially substantial Shiba Inu burn event.

Despite the anticipation, recent burn activities indicate a disposal of 3.1 million SHIB in the last 24 hours, marking a 81% increase in the overall burn rate, according to the Shibburn wallet tracker.

As the Shiba Inu community awaits further developments, the potential for significant token incineration continues to capture the enthusiasm of SHIB holders worldwide.

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