According to data provided by coin wallet tracker Shibburn meme, a large amount of SHIB has been burned since yesterday morning. This increase in burning has significantly increased the burn rate of SHIB.
According to data provided by coin wallet tracker Shibburn meme, a large amount of SHIB has been burned since yesterday morning. This increase in burning has significantly increased the burn rate of SHIB.
The drastic increase in burn rate came after the Shiba Inu team performed the first hard fork on its layer 2 blockchain, Shibarium.
Burn rate shoots up 15 times: 616%
The aforementioned data source has shared that in the period of the last 24 hours, the burn rate of the popular meme-inspired Shiba Inu cryptocurrency has seen a drastic increase from +43% to 616.15%, thanks to a single transaction.
In total, the SHIB community has transferred 18,663,708 SHIB to non-fungible blockchain wallets. The largest transaction took place about an hour ago, taking 14,943,135 SHIB to a dead address.
SHIB member reveals the “secret” of Ryoshi’s biggest burn
This week, Lucie, a marketing expert on the Shiba Inu team, reminded the community of one of the things SHIB’s enigmatic founder Ryoshi did regarding token burning.
She responded to a tweet from a Platform Lucie jumped into the conversation and stated that it is user activity on Shibarium that allows developers to destroy meme coins.
Lucie stated that Ryoshi burned his keys to the SHIB supply, thus depriving himself of the opportunity to send as many tokens as he wanted. The mysterious founder meant, according to Lucie, that “to burn something, you must first buy it.” The team’s expert then clarified this to the X user, saying: “To perform burns, you need to generate income to facilitate the process.”
SHIB performs hard fork
According to a recent tweet issued by the Shiba Inu account, the SHIB team has completed a hard fork on the Shibarium blockchain. This notable update promises much faster transactions than before and also gas rates that are “predictable for everyone.”
A hard fork involves splitting an existing blockchain into two, leaving the old one behind and the new one moving forward. This update cannot be reversed.
