Amid the holiday season, Shiba Inu has seen a remarkable 17 billion SHIB burned over the last week alone. Moreover, that figure denotes a burn rate above 100%, a massively positive development for the meme coin. Indeed, Shiba Inu’s burn tracking platform, Shibburn, tweeted about the development.
The strides in the burning of SHIB arrive as its layer-2 Shibaium network continues to experience massive positive. Specifically, BONE transfers within the network have officially exceeded the one million mark. Subsequently, the health of the Shiba Inu ecosystem could be a vital storyline heading into 2024.
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17 Billion SHIB Tokens Burned for Christmas!
Within the digital asset industry, the growth of the meme coin market has been undeniable. Indeed, starting with Dogecoin (DOGE), this subsect of the crypto sector has seen tremendous growth in recent years. Perhaps no token has grown more than Shiba Inu. Moreover, as Christmas leaves us and the New Year approaches, it has made massive strides in its burning.
Indeed, Shiba Inu has seen more than 17 billion SHIB burned over the last seven days alone. The development is a massive benefit to the market, as the declining supply has been a consistent goal for the meme coin. Additionally, the updated burn figures show more than 6 million of those tokens were burned in the last 24 hours.
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What is even better for Shiba Inu is how these kinds of victories coincide with the development of its layer-2 network. Indeed, Shibarium has continued to reach milestones and establish itself amid the vast digital asset industry. That evolution should continue throughout the new year.
Moreover, so should the continued quest to burn SHIB tokens. Specifically, the SHIB development team had a massive role to play in the recent burning. Over that last seven-day time span, the team burned two stashes worth more than 8.5 billion SHIB each. This should provide some momentum as 2024 approaches.