According to data published by the Shibburn tracking service, during the period of the last 24 hours, the SHIB community has succeeded in disposing of an impressive amount of SHIB, pushing the burn rate to a jaw-dropping high.
Curiously, this immense surge in burns took place after the SHIB team announced its plans to conduct a new hard fork, which will introduce a Shiba Inu burn mechanism.
Burns surge by almost 140,000%
The aforementioned data source shared that over the past day, the SHIB army has made a big advance in removing SHIB from circulation and making its supply shrink. The suddenly increased burn activity has allowed for the burning of an impressive 105,981,775 SHIB meme coins. As for the burn rate itself, it has been pushed to a height that has not been seen here for quite a while — 137,411%.
Image via Shibburn
The above-mentioned amount of SHIB was destroyed in three transactions, where the first two did nearly all the job. These burn transfers shoveled chunks of 41,228,964 and 64,728,293 Shiba Inu.
Both were made from the same mysterious blockchain address -70616 as those SHIB coins were moved to unspendable wallets and locked there.
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New burn mechanism coming to Shibarium
Prominent member of the SHIB team, its social media expert Lucie, took to the X social media platform to announce that Shiba Inu plans to roll out a long-awaited upgrade that will allow intensifying SHIB burns on the Shibarium blockchain.
This mechanism will see that a part of transaction fees (70% of them) are automatically converted from BONE into SHIB and then permanently removed from circulation through burning. This will increase burns made by the SHIB team, will make them happen more frequently, unlike the previous SHIB burns made by the team using the converted gas fees earlier this year and in November-December 2023 too.
🔥Shibarium BURNS UPDATE 🔥Starting at block 6206570, the Shibarium network will roll out a long-awaited update: a burn mechanism directly tied to transaction fees. With this update, 70% of all base transaction fees collected on the network will be automatically converted to… pic.twitter.com/D4hkfvAP3H
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) August 8, 2024
The burns were initially designed to reduce the circulating supply and increase the SHIB price in the long term. This new mechanism signifies the transition from manual SHIB burns made by the team in the past to automated burns that the enigmatic lead Shytoshi Kusama and the team promised to the community in January.
This burn mechanism will be part of a new hard fork on Shibarium that will introduce a new version of the network’s core component Bor.
