Cryptocurrency burn rate explodes by 7,687,000%
Cryptocurrency burn rate explodes by 7,687,000%
The amazing Sheba
In a stunning turnaround, the Shiba Inu's burn rate increased by a staggering 7,687,000% within 24 hours. Resulting in approximately 8.35 billion SHIB being burned from the total supply. Meanwhile, this unprecedented increase in burning activity comes on the heels of an update from the Shiba Inu's lead developer, Kaal Dhairya. Which reveals the introduction of Shibarium's revolutionary token burning mechanism.
It is worth noting that this mechanism is strategically designed to reduce the supply of tokens and enhance the value of the network. It sparked speculation in the cryptocurrency community, especially in the meme sector.
Shiba Inu burn rate rises to 7,687,000% The recent rise in Shiba Inu burn activity can be attributed. Which saw 8.35 billion SHIB burned in just 24 hours, implementing Shibarium's pioneering token burning mechanism. It is worth noting that the Shepburn report showed that the amount of burn reflects an increase of 7,686,774.46% from yesterday, with only six transactions recorded.
The highest two transactions during the past 24 hours were 8.24 billion and 100 million, respectively. After the recent burn activity, the total number of SHIB tokens burned from the initial offering reached 410.67 trillion. However, the current circulating supply reached 580.51 trillion.
Meanwhile, in a recent blog post on X. Shiba Inu lead developer, Kaal Dhairya, highlights the transformative process. With an emphasis on its importance to the economic model of the network. The burning mechanism unfolds in two crucial stages: a manual stage, allowing precise control through the publisher's official wallet. and the automated transition, which is scheduled to begin in January 2024.
It is worth noting that it is in the manual stage. Stakeholders carefully manage the incineration process to align with the health and sustainability of the network. This initial phase requires coordination with auditors and node operators, laying the foundation for a smooth transition.
However, as the mechanism develops, the mechanistic phase will begin. It will bring with it multiple upgrades to enhance efficiency and transparency. According to the update, predefined rules will govern this automated burning process. This ensures a simplified and efficient reduction of token supply.
A Closer Look at the Report Central to the success of the Shibarium burn mechanism is the network's adoption rate. at the same time. As the Shiba Inu experiences a surge in transactions and a spike in gas fees, reaching a staggering 1,000% increase, the token burning process is also intensifying.
It is worth noting that this symbiotic relationship creates a self-sustaining cycle where increased network usage directly contributes to the exponential growth of token burning, fostering a strong ecosystem.
However, despite the significant increase in SHIB burn rate. The Shiba Inu's performance has struggled to show any positive trend. As of writing, the price of the Shiba Inu has fallen by 0.55% over the past 24 hours and is trading at $0.000009128. While its one-day trading volume decreased by 1.62% to reach $444.83 million.
At the same time, the blog also showed Puppynet, Shibarium's test network. It is currently undergoing a major transformation by moving the underlying Layer 1 (L1) infrastructure from the Goerli network to the Sepolia network. This strategic move is a response to the continuing progress in blockchain technologies. Emphasizing the importance of adapting to more scalable and efficient infrastructures to enhance overall performance and capabilities.
However, the outlook for Shibarium's token burning mechanism looks promising. Through planned upgrades and the intrinsic link between network adoption and burning efficiency. The mechanism is poised to become a key pillar of Shibarium's economic strategy.
In addition, the move to Sepolia, along with improvements in transaction speeds. Smarter contract functionality and user experiences position Shibarium as a leader in blockchain innovation.
