A total of more than 76.4 billion SHIB tokens will be destroyed in 2023

Shibburn data shows that a total of 76,403,022,296 Shiba Inu (SHIB) tokens (approximately $688,000) were destroyed in 2023, with the largest number of tokens destroyed in December. As Shibarium’s daily transaction number and handling fees surged, Shibarium destroyed more than 8.2 billion SHIB for the first time on December 5, 2023. (The Crypto Basic) Previous news in December 2023, Shiba Inu developer Kaal Dhairya confirmed the surge in the number of Shibarium transactions and stated that these were not spam transactions, but SRC-20 (Inscription) mint activities. According to Shibarium's existing mechanism, when users conduct transactions on the network, the Base Fee paid will be locked in the contract on Shibarium, 70% of which will be destroyed and 30% will be reserved for maintaining the network. Once $25,000 worth of BONE is accumulated in the burn contract, users can begin the burn process from Shibarium. Once this process begins, the accumulated BONE will be sent to Ethereum L1 and automatically exchanged for SHIB, and then destroyed (SHIB tokens) by calling its contract function.