According to data revealed by the Shibburn tracking website, over the past week, there has been a substantial rise in terms of SHIB burns as this metric surged by more than 100%.
Equally, a recent tweet by the aforementioned source showed a rise of daily SHIB burns as well.
SHIB burn rate surges
A recent tweet published by Shibburn states that within the last week, there has been a total of 102,040,474 SHIB sent to dead-end blockchain wallets in total, which gave the burn rate a 160% increase.
As for the daily burns, here we can see a rise of nearly 40% with 1,530,193 SHIB scorched since last morning.
HOURLY SHIB UPDATE$SHIB Price: $0.00000968 (1hr -0.33% ▼ | 24hr -2.04% ▼ )
Market Cap: $5,701,883,802 (-2.25% ▼)
Total Supply: 589,291,593,220,306TOKENS BURNT
Past hour: 30,179 (1 transaction)
Past 24Hrs: 1,530,193 (36.96% ▲)
Past 7 Days: 102,040,474 (160% ▲)— Shibburn (@shibburn) February 17, 2024
This week, the daily SHIB burn rate was mostly in the red, so this is a rare moment this week when one can see a rise into the green area.
In the meantime, the SHIB team continues to test the automated mode of burning SHIB on the Shibarium testnet known as Puppynet. This testing began in January and marked a new era in SHIB burns even though the new mode has not yet been implemented on the Shibarium mainnet.
So far, 410,708,406,779,693 SHIB from the overall circulating supply have been burned, according to the Shibburn website.
Exciting new ERC-404 NFTs coming
Shiba Inu team member Lucie has posted a tweet about the upcoming release of the new SHE-boshis NFT collection made on the new Ethereum-based 404-ERC standard. Sheboshis were announced prior to Valentine’s Day, and this collection is dedicated to women to praise them and establish a strong future for NFTs.
Once launched, Sheboshis will be tradable on Uniswap and ShibaSwap. There is a plan to bridge them to Shibarium in the future. Lucie likened 404-ERC NFTs to Bitcoin Ordinals in their early days. Lucie stated that with ERC-404 NFTs the value is tied to tokens in real-time mode, which can be monitored by charts. Even though gas fees are bigger here, this also means “bigger investments, leading to more significant market movements.”
Why to be Excited about ERC-404 and #SheboshisNFT:
1.Fresh Appeal:
•ERC-404 draws in early fans eager for something new, like the excitement around Ordinals in their early days.2.Instant Value:
•With ERC-404 NFTs, value is tied to tokens in real-time, changing how we look at… pic.twitter.com/39iGwN7lgU— 𝐋𝐔𝐂𝐈𝐄 | Shibarium ⛓️ (@LucieSHIB) February 16, 2024
Lucie added that ERC-404 turns NFTs into something more than just digital art by adding value and “breaking the mold.” She reminded the community that Sheboshis have not been minted yet, thus warning the army about possible scam schemes.
