- The burn rate of Shiba Inu (SHIB) has seen a drastic surge, increasing by 616% in the last 24 hours.
- Shiba Inu team member Lucie reveals that the burn process is facilitated by user activity on Shibarium, the layer-2 blockchain of SHIB.
- The SHIB team has successfully conducted a hard fork on the Shibarium blockchain, promising faster transactions and predictable gas fees.
Shiba Inu’s burn rate skyrockets by 616% following a hard fork on its layer-2 blockchain, Shibarium. The burn process, as explained by a team member, is driven by user activity on the platform.
Burn rate skyrockets 15x – 616%
According to data from the Shibburn meme coin wallet tracker, the burn rate of Shiba Inu has seen a significant increase of 616% within the last 24 hours. This surge is largely attributed to a single transaction where the SHIB community transferred 18,663,708 SHIB to unspendable blockchain wallets, with the largest transaction carrying 14,943,135 SHIB to a dead address.
SHIB member reveals Ryoshi’s major burn “secret”
Lucie, a marketing expert from the Shiba Inu team, recently shed light on the burn process. She explained that the burn is facilitated by user activity on Shibarium. The team’s enigmatic founder, Ryoshi, burned his keys to the SHIB supply, thus eliminating the possibility of sending any more tokens. Lucie clarified that “for anything to be burned, it must first be purchased,” emphasizing that the burn process requires income generation.
SHIB conducts hard fork
In a recent development, the Shiba Inu team announced the successful completion of a hard fork on the Shibarium blockchain. This significant upgrade promises faster transactions and predictable gas fees. A hard fork represents a split of an existing blockchain into two, leaving the old one behind and moving forward with the new one. This irreversible upgrade marks a significant milestone for the SHIB community.
Conclusion
The recent developments in the Shiba Inu community, including the drastic increase in the burn rate and the successful hard fork on the Shibarium blockchain, indicate a promising future for SHIB. As the burn process continues to be driven by user activity, and with the new upgrade promising faster transactions and predictable gas fees, SHIB is poised for potential growth in the crypto market.
