The burn rate of Shiba Inu has skyrocketed by an astonishing 660.52% within just 24 hours, thanks to the active involvement of the community and the adoption of Shibarium.
This surge in burning activity has taken the crypto community by storm, sparking a significant amount of interest and curiosity in the crypto space.
The remarkable increase in the SHIB burn rate is primarily driven by the enthusiastic Shiba Inu community. In the past day alone, community members have collectively burned an impressive 115,766,995 SHIB meme coins in four burn transactions. The most substantial of these transactions involved an anonymous whale burning a staggering 111,669,458 SHIB tokens by transferring them to an unspendable blockchain SHIB address. The identity of this anonymous contributor remains a mystery, adding an element of intrigue to the story.
This surge in burning activity comes shortly after a 219% increase in the SHIB burn rate observed just a day earlier, indicating a continuous and growing trend in the burning of SHIB tokens. The Shiba Inu team has played a crucial role in facilitating these burn initiatives.
To streamline and accelerate the burn process, the Shiba Inu team recently introduced an automated mode for transferring SHIB tokens to dead-end addresses. This automation is currently being tested on the Puppynet, the Shibarium testnet. As part of ongoing improvements, Puppynet is being migrated from the Ethereum network Goerli to a new network called Sepolia. This transition aims to provide higher transaction speeds, reduced fees, and enhancements to the Shiba Inu ecosystem.
The Shiba Inu team, led by marketing expert Lucie, has ambitious plans for the cryptocurrency. Lucie revealed that they had a meeting with the mysterious lead developer known as Shytoshi Kusama. While Lucie couldn’t share many details, she did unveil the team’s objective to complete all developments related to SHIB on Shibarium before the end of this year. Although presented as a goal rather than a promise, it demonstrates the team’s commitment to advancing the project.
The impact of these developments on Shibarium is expected to be significant, promising advancements in the layer-2 network. To ensure the success of the burn campaigns and broader adoption efforts, DaVinci, an admin within the Shiba Inu community, has called for uniform contributions to the burning campaign, with a focus on Shibarium adoption. DaVinci emphasizes the importance of community engagement and warns against token holders who refrain from using Shibarium while encouraging others to burn their tokens. This behavior is likened to that of scammers, and DaVinci points out that Shibarium utilization generates fees, which can be optimized through active community involvement.
DaVinci highlights the direct correlation between Shibarium utilization and the accumulation of fees, which, in turn, boosts the burn campaign. The community’s commitment to Shibarium is seen as crucial in generating sufficient demand for SHIB tokens when the burn portal becomes operational.
In conjunction with the surge in burn rate, the price of the Shiba Inu token has experienced fluctuations. Over the past 24 hours, the token has witnessed a 1.0% increase and is currently being traded at $0.000009105. The weekly chart also reflects a 0.27% upswing, although accompanied by a 1.0% decline in market capitalization.