According to U.Today, the Shiba Inu (SHIB) community has seen a significant increase in the coin's burn rate, with a large number of meme coins being removed from the circulating supply. This comes following an announcement from the SHIB team about a major upgrade to Shibarium, scheduled to take place in less than a week.
In the past 24 hours, the SHIB community has disposed of 45,168,738 Shiba Inu meme coins, leading to an 88.32% increase in the daily SHIB burn rate. The three largest transactions accounted for 35,852,170, 6,261,928, and 1,000,000 SHIB being sent to unspendable blockchain addresses. To date, the SHIB community has burned a total of 410,726,100,388,767 SHIB, with a circulating supply of 582,881,498,855,693 SHIB remaining. The 419 trillion meme coins have been permanently locked in the SHIB burn wallet, the blockchain address holding the largest amount of SHIB.
In addition to this, 6,392,400,755,539 SHIB are currently locked in staking DeFi platforms and exchanges, effectively being 'temporarily burned' as they are not circulating in the market. Since January, the SHIB team has been testing a new automated burn mechanism on Puppynet, the Shibarium testnet, which they have referred to as a new epoch in SHIB burns.
Earlier this week, the official account of the Shiba Inu token announced a scheduled hard fork of the Shibarium chain on May 2. This major upgrade is expected to significantly increase the speed of new block production and make transaction fees predictable, ensuring equality for all users. The hard fork will also introduce new possibilities for Shibarium users and simplify engagement with this Layer-2 blockchain.
In other news, the SHIB team has recently raised $12 million for the development of a Layer-3 blockchain on top of Shibarium, aimed at enhancing security and privacy for its users and their transactions.
