$SHIB Burn Rate #Skyrockets After Crucial SHIB Upgrade Announcement
Shibburn, a popular wallet tracker, has released an update on a crucial Shiba Inu metric it closely monitors. Following the announcement of a significant Shibarium upgrade scheduled in less than a week, there has been a notable surge in the SHIB burn rate, accompanied by a substantial transfer of meme coins out of the circulating supply.
Surge in SHIB Burn Rate
- In the past 24 hours, the SHIB community has diligently burned 45,168,738 million Shiba Inu meme coins, resulting in an impressive 88.32% increase in the overall daily SHIB burn rate. Among the largest burns recorded are transactions totaling 35,852,170, 6,261,928, and 1,000,000 SHIB, all directed to unspendable blockchain addresses.
- Overall, the SHIB community has successfully burned a staggering 410,726,100,388,767 SHIB, while the total circulating supply remains at 582,881,498,855,693 SHIB.
- Notably, 419 trillion meme coins have been permanently locked in the SHIB burn wallet, holding the largest-ever amount of SHIB, according to a recent report by the Arkham Intelligence platform.
- Furthermore, 6,392,400,755,539 SHIB are currently locked in staking #DEFI platforms and exchanges, representing "temporarily burned" coins as they are not in circulation in the market.
Upcoming Hard Fork Announcement
- In recent announcements, the official Twitter/X account of the Shiba Inu token revealed that a hard fork of the Shibarium chain is scheduled for May 2. This major upgrade aims to significantly enhance the speed of new block production and ensure predictable transaction fees, leveling the playing field for all users.
- The hard fork is expected to unlock new possibilities for Shibarium users and streamline engagement with this Layer-2 blockchain. Additionally, the SHIB team has raised $12 million for the development of a Layer-3 blockchain on top of Shibarium, aimed at bolstering security and privacy for users and their transactions.
Source - u.today
