The Shibarium team has announced they will undertake three massive manual Shiba Inu (SHIB) burns this week. The team announced the burns in the latest edition of the SHIB magazine released yesterday. The team also highlighted SRC-20 inscriptions on Shibarium and the network’s scalability prowess.
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According to the magazine report, Shibarium accounts for an average of 7.5 million transactions daily. Moreover, the network achieved the feat after just three months of launching. The rise in transactions shows the growing popularity of Shiba Inu’s (SHIB) Shibarium network. Moreover, the team highlights the network’s ability to handle transaction spikes without breakdowns.
Massive Shiba Inu (SHIB) burns coming this week.
Amid the transaction spikes, the Shibarium network also saw a spike in gas. However, despite the spike in gas, fees on the network remained relatively low. ShibaSwap Bone (BONE) is the gas token for the Shibarium network, and the fee surge helped accumulate more BONE tokens.
Shibarium uses 70% of its gas fees for burning Shiba Inu (SHIB) tokens. The network has since accumulated 1,400,000 BONE worth $1,023,680 ($1.02 million). The team aims to initiate three manual burns this week, on Dec. 14, 15, and 16. Around 8.2 billion tokens may go to the dead wallet this week.
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The massive burn figure may positively impact SHIB’s price. The token’s price has taken another beating over the last few days, likely due to the Federal Reserve’s interest rate stance.
The Shiba Inu (SHIB) team has also revealed they are working on a new burn mechanism for the project. Moreover, the Shibarium network underwent a hard fork recently to allow for more enhanced burns. The team seems committed to reducing SHIB’s supply, thereby increasing its price.