Over the weekend, the burn rate of Shiba Inu experienced a twofold increase as the ecosystem celebrated a critical upgrade to Shibaroum. This upgrade reduced the bridging time from seven days to just 45 minutes, resulting in a significant spike in the burn rate. This upgrade is expected to kickstart a bull market for SHIB.
According to Shibburn, in the past 24 hours, the ecosystem has burned 4.796 million SHIB tokens, marking a 233% increase. Over the past week, a total of 28.8 million tokens have been burned.
In terms of the hourly SHIB update, the price of SHIB currently stands at $0.00002497, with a 1-hour increase of 0.37% and a 24-hour decrease of 1.10%. The market cap is valued at $14,696,946,328, reflecting a 1.56% decrease. The total supply of SHIB tokens is 589,273,509,323,475.
The burns were primarily influenced by one wallet address, which sent over two million SHIB tokens to a dead wallet, followed by an additional 2.91 million tokens.
These burns coincide with the three-year anniversary of the significant event involving Vitalik Buterin, the founder of Ethereum. On this day, Buterin burned over 400 trillion Shiba Inu tokens, which were gifted to him by the community. The value of these tokens at the time was $6.7 billion, accounting for half of the memecoin’s supply. The burned tokens represented 90% of the tokens gifted to Buterin, with the remaining 10% being sold and the funds donated to charity.
The impact of Buterin’s actions continues to be celebrated within the Shiba Inu community. K9 Finance recently announced that it would burn KNINE tokens as a tribute to Buterin’s burn. This burn aims to reduce the diluted market cap, make KNINE a deflationary token, and increase the percentage of holders’ shares.
The increase in the burn rate of Shiba Inu follows the announcement of an update on Shibarium, which significantly reduced the bridging time. Previously, it took over seven days to bridge tokens from Shibarium to Ethereum, but now it only takes 45 minutes. This update allows users to manage their assets more efficiently, adapt to real-time market changes, and seize new opportunities without delay.
The developers of the network described this update as a “game-changer” and a “commitment to progress,” enabling users to engage more effectively in governance and drive collective action with increased efficiency.
Shiba Inu continues to achieve victories. Shibarium has reached five million blocks, with over 400 million transactions and 1.8 million wallet addresses. With increasing volume and stories of SHIB millionaires, Shiba Inu is expected to remain one of the most significant cryptocurrencies in the market.
Currently, SHIB is trading at $0.00002502, experiencing a 1.45% decrease in the past day, with a corresponding 11% dip in volume.