Shiba Inu Their burning continues unabated. According to recent data, with a significant increase in the SHIB burn rate, a large amount of meme coins have been removed from circulation. This comes after the SHIB team announced a major Shibarium upgrade planned in less than a week.
Shiba Inu Killing Rate Is Rising
According to Shibburn, in the past 24 hours the SHIB community has removed 45,168,738 Shiba Inus from circulation. This resulted in an 88.32% increase in the overall daily SHIB burn rate. The three largest burns on this list were transactions that moved 35,852,170, 6,261,928, and 1,000,000 SHIB to non-spendable blockchain addresses. So far the SHIB community has managed to burn a total of 410,726,100,388,767 SHIBs and the total circulating supply is currently 582,881,498,855,693 SHIBs. 419 trillion, according to a recent report by the Arkham Intelligence platform. meme coinhas been permanently locked in the SHIB burn wallet, the blockchain address holding the largest amount of SHIB ever.
Besides this, 6,392,400,755,539 SHIBs are currently locked on staking DeFi platforms and exchanges, meaning they are “temporarily burned” as they are not in circulation in the market. The SHIB team has been testing a new automated burning mechanism on Puppynet – Shibarium testnet – since January this year. Developers called this a new era in SHIB burns. However, no other news has been shared on this subject since the announcement in January.
SHIB Developers Announce Upcoming Hard Fork
Earlier this week, the official X account for the Shiba Inu token announced that a hard fork on the Shibarium chain is planned for May 2. This major upgrade will greatly increase the production rate of new blocks and transaction fees will become predictable, making them more or less equal for all users. The hard fork will also open up a new level of possibility for Shibarium users, greatly simplifying all interaction with this Layer-2 blockchain. More good news is that the SHIB team recently raised $12 million to develop a Layer-3 blockchain on top of Shibarium to increase security and privacy for its users, their data, and the transactions they make.
