According to U.Today, the popular wallet tracker Shibburn has released an update on the key Shiba Inu metrics it monitors. A large number of Meme coins have been transferred out of the circulating supply as the SHIB burn rate has increased significantly. This happened after the SHIB team announced a major Shibarium upgrade in less than a week.
According to Shibburn data, the SHIB community has resolutely processed 45,168,738 Shiba Inu Meme coins in the past 24 hours. This has increased the overall daily SHIB burn rate by 88.32%. At present, the SHIB community has successfully burned 410,726,100,388,767 SHIB, and the total circulating supply remains at 582,881,498,855,693 SHIB. In addition, there are currently 6,392,400,755,539 SHIB locked in staking DeFi platforms and exchanges, which means that they are "temporarily burned" because they are not circulated in the market.
Earlier this week, the official X account of the Shiba Inu token announced plans to hard fork the Shibarium chain on May 2. This major upgrade will significantly increase the rate at which new blocks are produced, and transaction fees will become predictable, making fees more or less equal for all users. The hard fork will also reveal new possibilities for Shibarium users and greatly simplify all interactions with this Layer-2 blockchain.
Even better news is that recently, the SHIB team has raised $12 million to develop a Layer-3 blockchain on top of Shibarium to increase the security and privacy of its users, their data, and the transactions they conduct on it.
