The SHIB ecosystem is once again cooking, and this time, it’s not just another meme coin pump.

Last week, the SHIB army torched over 61 million tokens in a giant token BBQ that’s setting records.

We're talking about a 10,000% spike in the burn rate – and apparently, that's just the warm-up act.

A Quick SHIB History Lesson

For those who missed the memo, SHIB dropped in August 2020, marketed as the "Dogecoin killer." 

Vitalik Buterin was gifted half the supply (which he later burned), and somehow, this meme coin turned into a complete ecosystem that actually... builds stuff.

Recall their recent partnership with the UAE to use the network to track energy assets.

From humble beginnings to mission-critical infrastructure – that’s a big jump for a little dog. 

Shibarium Setting Records

The real story is that Shibarium is closing in on a billion transactions, showing serious signs of growth and adoption. 

They're sitting at 941 million right now and cranking out around 4.5 million new transactions daily. 

Some back-of-the-napkin math tells us that we should have to change out the “million” sign to the “billion” one ssometimebefore March shows up.

Since dropping last August, Shibarium has been putting in the work to make this all possible.

They’ve so far seen 9.4 million blocks created and have witnessed 2.1 million wallets jumping in on the action.

Those speedy five-second block times also make Ethereum look like it's running on dial-up.

And unlike some other "ETH killers" out there, they're actually processing real transactions, not just validator nodes high-fiving each other.

It turns out people love some good old-fashioned meme coins. 

The Burning Story

SHIB is taking the "if you burn it, they will come" approach pretty seriously, with the community setting up multiple burn mechanisms.

All transaction fees get burned, community burn pools dot the landscape, and the network is even burning a portion of its business's profits.

Add in Shibarium burning SHIB with every transaction, and you have a recipe for a deflationary supply in the works.

The Penny Dream

All of these mechanisms have been put in place to support the collective desire that everyone has – for SHIB to hit $0.01. 

But with 589 trillion tokens still out there, that'd make SHIB bigger than... well, everything in crypto combined. 

Even with these burns, that's a stretch – we love this little dog, but it’s probably not worth the value of mid-size countries… at least not yet. 

That said, the team is playing the long game.

With every burn, every Shibarium transaction, and every new project chipping away at that massive supply.

Good Dog, Have a Biscuit 

The SHIB army has been burning like mad to sprint towards their goal, and Shibarium is about to cross a milestone that matters quite a bit for the fledgling community. 

For a project that started as a Dogecoin clone, they're putting in more work than most "serious" projects out there.

In the short term, SHIB could pump, or it could dump.

But despite all that, Shibarium's growth shows that the slow and steady expansion of the ecosystem will continue – and that’s worth something.