Shiba Inu (SHIB) Burns Massive 410.74 Trillion Tokens, Driving Scarcity

You are here: Home / News / Shiba Inu (SHIB) Burns Massive 410.74 Trillion Tokens, Driving Scarcity

• Shibarium has burned over 410.74 trillion Shiba Inu, including $1.5M worth, aligning with deflationary goals and reducing circulating supply.
• Shibarium processes 4.72M daily transactions, supports 2.01M wallets, and has 8.47M total blocks with a five-second average block time.
• Shibarium enhances SHIB’s usability through low-cost transactions, staking, and governance, elevating its market position and ecosystem growth.

Since the launch of Shibarium’s mainnet in August 2023, debates have sparked within the Shiba Inu community about its impact on SHIB. Shibarium, the Layer-2 blockchain of the Shiba Inu ecosystem, was designed to bolster the ecosystem, reduce costs, and enhance scalability. However, its effect on SHIB’s value has been met with mixed opinions.

In response to growing skepticism, Lucie, Shiba Inu’s marketing expert, took to X to outline Shibarium’s tangible contributions to SHIB.

Lucie highlighted Shibarium’s role in burning SHIB tokens. Over $1.5 million worth of SHIB has been incinerated since its inception. Shibarium’s fee structure supports this process. While validators receive priority fees, 70% of base fees are converted to SHIB and sent to dead wallets.

Since August 2023, the Shibarium burn portal has removed 300 million SHIB tokens from circulation. As a result, Shibarium directly enhances SHIB’s scarcity, aligning with long-term deflationary goals. To date, a staggering 410.74 trillion SHIB have been burned, with 6.08 million tokens incinerated in the past day alone.

Shiba Inu’s Advancing Accessibility

Beyond burns, Shibarium enables low-cost transactions, paving the way for SHIB to be used in everyday applications. Lucie also underscored Shibarium’s role in creating new utilities for SHIB, such as staking and decentralized governance.

Shibarium’s adoption continues to soar. With 2.01 million wallet addresses, 8.47 million total blocks, and an average block time of five seconds, the network has processed 673.35 million transactions to date. The daily transaction volume currently stands at 4.72 million, indicating robust user activity.

Additionally, partnerships and decentralized applications (dApps) within the ecosystem point to Shibarium’s growing influence. Forbes’ recognition of Shiba Inu reflects the blockchain’s ability to elevate SHIB’s market stature.

Shibarium has undeniably reshaped the Shiba Inu ecosystem, driving utility, accessibility, and deflationary progress for SHIB. As user activity remains strong, the Layer-2 blockchain is proving its worth in cementing SHIB’s future.