As the Shiba Inu (SHIB) community braces for the imminent Shibarium hard fork, a flurry of activity has gripped the ecosystem, resulting in a remarkable escalation in the burn rate of the beloved meme coin. This surge in burning activity, accompanied by a notable reduction in the circulating supply of SHIB, underscores the fervent anticipation surrounding the impending upgrade and highlights the proactive engagement of SHIB enthusiasts.
Shibburn, a prominent wallet tracking platform, has provided insights into the recent surge in SHIB burning, revealing a significant outflow of meme coins from the circulating supply. This surge coincides with the announcement by the SHIB team regarding the forthcoming Shibarium upgrade, slated to be implemented in less than a week.
According to the latest data from Shibburn, the SHIB community has exhibited remarkable fervor over the past 24 hours, collectively disposing of an impressive 44,801,216 Shiba Inu meme coins. This surge in burning activity has propelled the daily SHIB burn rate to skyrocket by an astounding 835.28%. Noteworthy among these burns are three substantial transactions, totaling 35,852,170, 6,261,928, and 1,000,000 SHIB, respectively, all directed towards unspendable blockchain addresses.
Cumulatively, the Shiba Inu community has successfully burnt a staggering 410,726,100,388,767 SHIB tokens, while the total circulating supply currently stands at 589,273,899,611,232 SHIB. The 419 trillion meme coins have been irreversibly locked away in the SHIB burn wallet, which now boasts the largest-ever amount of SHIB, as confirmed by the Arkham Intelligence platform.
A New Dawn for SHIB Ecosystem
The heightened activity in SHIB burning coincides with the recent announcement made by the official X account of the Shiba Inu token, disclosing the scheduled hard fork of the Shibarium chain on May 2. This significant upgrade promises to enhance the speed of new block production and introduce predictable transaction fees, ensuring fair and equitable treatment for all users.
Moreover, the Shibarium hard fork is poised to unlock a myriad of opportunities for users, streamlining their interaction with the Layer-2 blockchain. In addition to the anticipated hard fork, positive developments continue to unfold within the SHIB ecosystem, with reports confirming a successful fundraising endeavor. The SHIB team recently secured an impressive $12 million to fuel the development of a Layer-3 blockchain atop Shibarium, aimed at fortifying security and privacy for users and their transactions.
— Shib (@Shibtoken) April 25, 2024🧵 1/ SHIBARMY, we are on the brink of a transformative upgrade for Shibarium.
Through an upcoming hard fork expected to go live on May 2nd, we're introducing a suite of new features designed to enhance user experience and empower our community of innovators and developers.
As anticipation mounts for the Shibarium hard fork, the SHIB community remains resolute and actively engaged, contributing to a surge in burning activity and laying the groundwork for further advancements within the ecosystem. With significant upgrades on the horizon, the Shiba Inu token ecosystem is poised for continued growth and innovation in the dynamic landscape of decentralized finance (DeFi).
Tags: SHIB
