As an experienced financial analyst, I’ve closely observed the crypto market for years, and I’ve been particularly intrigued by the recent developments surrounding Shiba Inu (SHIB). The latest update from popular wallet tracker Shibburn regarding a substantial surge in SHIB burn rate and large-scale transfers of meme coins out of circulation has caught my attention.
Expert: Shibburn, a well-known Shiba Inu wallet tracker, has recently shared new information regarding a significant metric they monitor closely. Notably, there has been a noticeable increase in the SHIB tokens being burned, and a considerable quantity of meme coins has exited the circulating stockpile.
After the Shibarium update announcement by the SHIB team, this event occurred within a short time frame.
SHIB burn rate surges
Based on Shibburn’s latest update, over the past 24 hours, the SHIB community has diligently got rid of approximately 45.17 quadrillion SHiba Inu meme coins. Consequently, the daily SHIB burn rate has registered a significant surge of around 88.32%.
The top three transactions in this list involve transferring 35,852,170, 6,261,928, and 1,000,000 SHIB coins respectively to unreachable or unspendable blockchain addresses.
The SHIB community has managed to burn a staggering 410.7 trillion SHIB tokens so far. This represents a significant reduction from the current circulating supply of approximately 582.9 trillion SHIB tokens. These burned tokens have been permanently stored in the SHIB burn wallet, making it the Ethereum address with the largest holding of SHIB tokens according to recent reports by Arkham Intelligence.
Approximately 6 quadrillion SHIB tokens are presently immobilized in Decentralized Finance (DeFi) platforms and exchanges, rendering them effectively “taken out of circulation” as they’re no longer accessible for trading activities.
Starting from January this year, the SHIB team has been trialing an innovative automated burn mechanism on Puppynet, their Shibarium testnet. They labeled it as a fresh era for SHIB token burns. Yet, since the initial announcement in January, no further updates regarding this new mechanism have been disclosed.
SHIB devs announce upcoming hard fork
Recently, the Shiba Inu token’s official Twitter/X account made an announcement. They revealed that a hard fork of the Shibarium chain is planned for May 2nd. This significant update is expected to significantly enhance the speed at which new blocks are produced within the network. Additionally, transaction fees will reportedly become consistent across all users, making them more predictable and uniform in cost.
A hard fork in Shibarium will unveil fresh opportunities for its users, making interactions with this Layer-2 blockchain significantly easier. Furthermore, the SHIB team has successfully secured $12 million in funding to build a Layer-3 blockchain above Shibarium. This new development aims to bolster security and privacy for users’ data and transactions.
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2024-04-27 11:31