Shiba Inu Burn Rate Spikes, Shibarium Developments Enhance Burning Mechanism

According to CryptoPotato, Shiba Inu, the second-largest meme coin by market capitalization, has experienced a burn rate spike of approximately 4,200% in the last 24 hours, resulting in more than 10 million tokens being removed from circulation. The burn has been increasing since the beginning of the year, with over 9 billion SHIB destroyed, which is around 10% of the amount burned throughout the entire 2023. Shiba Inu has adopted this program to reduce the circulating supply of SHIB, making it scarcer and potentially more valuable over time. Every time a transaction is made on the network, a certain percentage of the transaction fee is transferred to a null address.

Shiba Inu's latest burn rate spike came shortly after Shibarium, the meme coin's layer-2 blockchain solution, introduced a transformative token burning mechanism. This development was labeled crucial for the network's tokenomics, as it was designed to reduce the burden of manual token burning and automate the entire system. It will be tested on Puppynet in the following days and will undergo multiple upgrades to enhance efficiency and reliability. It will then be brought to the Mainnet and operate based on predefined rules. Launched in August last year, Shibarium aims to elevate Shiba Inu above its rivals in the meme coin realm by improving speed and reducing transaction fees. It has recently surpassed the 300 million mark in terms of total transactions

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