The Shiba Inu community, after a few days of stagnation, has picked up its token-burning mechanism. According to Shibburn, Shiba Inu’s token burn aggregator, the SHIB Army raised the burning rates significantly within the past 24 hours. The data showed that the community destroyed 50.18 million SHIB tokens in 24 hours. The burning rate surged 8,627% over the past 24 hours compared to the previous day. Cumulatively, the community moved about 3.09 billion SHIB tokens to the dead wallet within the past week. As of Saturday, May 20, the Shiba Inu burn rate for the week showed a surge of 666% for the past week.
The Shibarium token burn details excite the SHIB Army. The layer 2 solution network of Shiba Inu, Shibarium, has made tremendous progress while still in the beta-test phase. The Shiba Inu team, under the leadership of the pseudonymous Shytoshi Kusama, disclosed the SHIB burning mechanism on Shibarium. According to details, fees for all transactions completed on Shibarium are paid in BONE. The network will set aside a total of 30% of the fees for maintenance purposes. However, it will burn the remaining 70% of the fees.
At the time of writing, Shiba Inu is trading at $0.00000890, indicating an increase of 1.46% over the past 24 hours. The value of SHIB saw a slight gain over the weekend after it fell from $0.00000873 to $0.00000871 on May 19. The meme coin has been trying to sustain its hold throughout the bearish wave on Sunday.
Following Shiba Inu’s price gain during the weekend, data from analytics firm IntoTheBlock revealed that more SHIB whales amassed the token. According to the data, investors grabbed over 26.2 trillion SHIB tokens over the past weeks. Also, some whales sold their Shiba Inu holdings, with a cumulative value of 300 billion SHIB coins disposed of.