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According to a recent tweet posted by popular cryptocurrency wallet tracking site Shibburn, over the past 24 hours, the SHIB community has transferred a massive amount of... Dog-themed coins to clogged wallets.
Meanwhile, a tweet posted by SHIB's account
SHIB burns increased by 300%.
The aforementioned data source revealed that in the past 24 hours, SHIB's burn rate metric has seen a staggering increase of over 300%. This growth was driven by the burning of 24,609,003 Shiba Inu coins.
The two largest burn transfers uploaded 17,220,462 SHIB and 4,635,583 SHIB to non-spendable blockchain addresses, ensuring a high burn rate increase.
The tweet also shared data regarding the popular cryptocurrency's weekly burn. Over the past 7 days, the SHIB community has been able to clear out nearly 4 times as many SHIB burns per day – 89,141,480 Shiba Inu coins. The final weekly burn rate now shows an increase of 60.82%.
There are 584,187,080,732,459 SHIB still in circulation and 5,069,933,926,697 SHIB installed, according to Shibburn's website.
Related to
SHIB burns the voting poll for the community
Meanwhile, an account with the handle SHIB @cryptoshibs tweeted that “ShibaInu $SHIB will go to the moon 🚀 when they burn 90%” of the circulating supply. It also launched a poll, allowing the community to vote on whether to convince the SHIB team to burn 30% or 90% of it.
However, the SHIB team, represented by marketing lead Lucy and lead developer Chitoshi Kusama, stated that they do not control the circulating supply of SHIB and, therefore, cannot speed up the burn in any way. The only way to do this, they said, was to increase Shibarium's utility so that more SHIB would be destroyed thanks to BONE gas fees through the automated mechanism introduced last year.
So far, according to previous tweets by the SHIB team, they have managed to burn approximately 300,000,000 SHIB per month.
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