Shibburn, a widely-tracked wallet tool, has released a significant update regarding Shiba Inu’s metrics. This update highlights a notable surge in the SHIB burn rate, coinciding with a substantial transfer of meme coins out of circulation. These events unfolded following a pivotal announcement from the SHIB team regarding an imminent Shibarium upgrade.
Remarkable Increase in SHIB Burn Rate
According to Shibburn’s latest report, over the past 24 hours, the SHIB community has fervently disposed of 45,168,738 Shiba Inu meme coins. This surge has propelled the daily SHIB burn rate to increase by a staggering 88.32%. Noteworthy transactions include the transfer of 35,852,170, 6,261,928, and 1,000,000 SHIB tokens to unspendable blockchain addresses.
Image via Shibburn
The SHIB community has burned 410,726,100,388,767 SHIB, while the total circulating supply remains 582,881,498,855,693 SHIB. Notably, 419 trillion meme coins are permanently locked in the SHIB burn wallet, according to the Arkham Intelligence platform.
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Moreover, staking DeFi platforms and exchanges currently hold a significant amount of SHIB tokens, totaling 6,392,400,755,539. These platforms and exchanges temporarily burn these tokens as they are not actively circulating in the market. Since January, the SHIB team has been rigorously testing a new automated burn mechanism on Puppynet, the Shibarium testnet, marking a potential shift in SHIB burns. Despite the initial announcement, there has been a lack of updates on this mechanism.
Anticipating the Upcoming Hard Fork
The official X account of the Shiba Inu token recently announced plans for a Shibarium chain hard fork on May 2. This upgrade aims to speed up block production and ensure fairer transaction fees. Moreover, the hard fork is expected to unveil new possibilities for Shibarium users, simplifying engagement with this Layer-2 blockchain.
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In further positive news, the SHIB team has recently secured a substantial $12 million for the development of a Layer-3 blockchain atop Shibarium. Additionally, this initiative aims to bolster security and privacy for users, safeguarding their data and transactions. These advancements underscore the SHIB ecosystem’s commitment to innovation and progress.
The SHIB ecosystem is undergoing significant developments, fueled by announcements of upgrades and advancements, indicative of an exciting phase of growth and evolution.
