Fri. Feb 23rd, 2024

Shiba Inu (SHIB) Burn Is About To Explode. 1 Million Dollar Token Incineration Imminent

BONE Tokens Ready To Be Burned

✍️ 27 December, 2023 – 16:00 👤 Editor: Jakub Motyka

  • Over a million dollars worth of BONE tokens, accumulated as transaction fees on Shibarium, are ready to be converted into SHIB and incinerated.
  • Shibarium, the layer-2 blockchain for SHIB, has been setting new transaction records, recently approaching 98 million transactions, and the number of connected wallets has increased to 1,307,305.
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A prominent Shiba Inu-themed Twitter account, @ShibBPP, has just announced that there are over a million dollars worth of Bone ShibaSwap (BONE) tokens ready to be exchanged for SHIB and incinerated. This sum of 1,396,569 BONE, accumulated in transaction fees on Shibarium, is valued at approximately $1,028,306:

The Shiba Inu (SHIB) community is anticipating a significant event with the potential incineration of a vast amount of SHIB tokens on the layer-2 blockchain, Shibarium. However, there is uncertainty about how these BONE tokens will be divided between those to be burned and those to be retained for the developer team, leading to discussions in the SHIB community about the scale of this potential token incineration.

What Does Mean This Amount Of SHIB Tokens That Are Ready To Be Burned

The concept of token burning is often used in the cryptocurrency world to reduce the total supply of a token, potentially increasing its scarcity and value. In the case of SHIB, the burning is facilitated by the accumulation of BONE tokens as transaction fees on Shibarium. These fees are then set aside, with a portion earmarked for conversion into SHIB and subsequent burning.

Shibarium, the layer-2 blockchain, has been setting new records in its total transaction count, surpassing five million last week and rapidly approaching 98 million in total. Daily transfer peaks on Shibarium have also been impressively high, ranging between seven and eight million since December 2.

Furthermore, the number of connected wallets has increased to 1,307,305. These figures highlight the growing popularity and activity on Shibarium, which could significantly impact the SHIB burn rate and the overall market dynamics of the token​​​​​​.

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Jakub Motyka is an editor and cryptocurrency expert with an outstanding professional profile in the field of digital finance and blockchain technology. His career includes extensive experience writing and editing content related to the world of cryptocurrencies, covering a wide range of topics from technical and market analysis to technological developments and emerging trends in the industry.
Jakub Motyka
Follow me
Jakub Motyka

By Jakub Motyka

Jakub Motyka is an editor and cryptocurrency expert with an outstanding professional profile in the field of digital finance and blockchain technology. His career includes extensive experience writing and editing content related to the world of cryptocurrencies, covering a wide range of topics from technical and market analysis to technological developments and emerging trends in the industry.

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