A prominent Twitter account focused on Shiba Inu themes, @ShibBPP, recently posted a tweet that has excited the SHIB community. The tweet reveals that over a million dollars in BONE tokens are available to be converted into SHIB and then destroyed. It poses the question, “Who will push the button?” This refers to the 1,396,569 BONE tokens, worth $1,028,306, gathered in transaction fees on Shibarium. However, there’s a complication preventing the immediate burning of all these BONE tokens post-conversion.
The SHIB community is currently buzzing about this potential massive SHIB destruction, but the actual burn rate has only seen a slight uptick, with about 2.8 million Shiba Inu tokens sent to ‘dead’ addresses. In Shibarium, transaction costs are paid in Bone ShibaSwap (BONE) tokens. A significant portion of these fees is earmarked for two purposes: supporting Shibarium’s operations and conversion into SHIB for burning by sending to unspendable wallets.
The discussed 1,396,569 BONE tokens haven’t been fully allocated yet, between what will be burned and what will remain for the development team. Thus, the community hasn’t witnessed any major SHIB burning events so far.
Regarding recent burn activities, the Shibburn wallet tracker indicates that the SHIB community has eliminated a total of 2,886,049 SHIB in the past 24 hours. This activity boosted the overall burn rate by 49.04%, with a notable single transaction destroying 1,918,173 SHIB.