The Shiba Inu community has collectively removed millions of SHIB from circulation, thereby raising the burn rate significantly. This is particularly interesting as it comes against the backdrop of the latest Shibarium upgrade.
Members of the Shiba Inu community popularly known as the SHIB Army, have been dedicated to drastically reducing the total amount of SHIB tokens in circulation, hence their participation in the burning event, sending volume tokens to burn addresses.
SHIB Burn Rate up by 380%
Shibburn, a dedicated Shiba Inu burn tracker platform, paints a clear picture of the Shiba Inu burn activity over the last 24 hours. According to the data, about 7,416,452 tokens (7.4 million) have been removed from circulation, consequently increasing the burn rate by exactly 383%. The above-mentioned amount of SHIB was destroyed across 18 transactions.
Notably, three transactions moved the highest volume. Per Shibburn data, the largest transaction, carrying 2 million SHIB tokens was initiated about 56 minutes from press time. The other two burned 1.04 million and 1.24 million SHIB respectively.
Source: Shibburn
It is important to note that the Shiba Inu burn mechanism is in place to create scarcity through token supply reduction by sending volume amounts to burn addresses. So far, the Shiba Inu community has succeded in destroying 410.7 trillion SHIB tokens, leaving a circulating supply of 583 trillion.
Recall that precisely three years ago, in May 2021, Ethereum co-founder Vitalik Buterin started a massive SHIB burn after Ryoshi, the enigmatic Shiba Inu founder gifted him half of the quadrillion supply, a massive 500 trillion SHIB, as a token of appreciation and respect. Instead of keeping it, Buterin burned almost all of the tokens, equivalent to $1.7 billion. He gave the remaining out as charity to Indians as a relief during the pandemic.
Shibarium Announces New Upgrade
Meanwhile, Shibarium, the layer 2 blockchain solution designed to enhance the Shiba Inu community, has announced a major upgrade to its network. Earlier today, the team behind the project took to X (formerly Twitter) to inform the public that it has reduced the bridge time from Shibarium to Ethereum from 7 days to a minimal 45 minutes.
Get ready for a much faster and smoother experience #SHIBARMY We’ve cut down the bridge time from #Shibarium to Ethereum from 7 days to approximately 45 minutes!
— Shibarium Network (@ShibariumNet) May 29, 2024
Furthermore, the team emphasized that the new system employs a checkpoint mechanism for BONE token exits, as a result, users can now enjoy faster withdrawals. Also, users can now move their BONE tokens rapidly while enjoying a smoother experience within the Shiba Inu ecosystem.
The latest upgrade underscores the teams’ commitment to promoting advancements and ensuring that consumers take part actively in governance.
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