As an analyst with over two decades of experience in the crypto market, I must admit that the recent surge in Shiba Inu (SHIB) burns has left me quite intrigued. The 140,000% increase in burn rate is nothing short of remarkable and a testament to the community’s dedication to this meme coin.
Based on information from the Shibburn monitoring platform, the SHIB community managed to burn a significant quantity of SHIB over the past 24 hours, resulting in an extraordinarily high burn rate.
It’s interesting to note that there was a significant increase in burns following the announcement by the SHIB team about their intention to perform a new hard fork, which includes implementing a Shiba Inu token burning method.
Burns surge by almost 140,000%
Yesterday, as previously mentioned, the data source reported that the Shiba Inu community has significantly increased their efforts to reduce the number of SHIB tokens in circulation. This surge in burn activity led to an impressive destruction of 105,981,775 SHIB meme coins. Notably, the burn rate reached a level not seen for quite some time, peaking at an astounding 137,411%.
As a researcher, I’ve observed that approximately 106 million SHIB were effectively removed from circulation through three separate transactions. The initial two transactions accounted for the majority of this destruction, transferring 41,228,964 and 64,728,293 Shiba Inu coins respectively, which were subsequently burned.
Both were made from the same mysterious blockchain address -70616 as those SHIB coins were moved to unspendable wallets and locked there.
New burn mechanism coming to Shibarium
One of the key figures in the SHIB group, known as Lucie who specializes in social media, recently shared on a popular platform that the Shiba Inu community is preparing to implement a much-anticipated update aimed at boosting SHIB token burns within the Shibarium blockchain.
In simpler terms, a new system will be implemented to ensure that approximately 70% of transaction fees are automatically transformed from BONE into SHIB. Once changed, these SHIB tokens will be permanently eliminated from circulation by burning them. This action will boost the number of SHIB burns performed by the team and make these events happen more frequently compared to previous SHIB burns, which were done using converted gas fees earlier in 2021 and during November-December 2023.
The original intention behind the burns was to decrease the available supply and, consequently, boost the price of SHIB over a prolonged period. This recent development marks a shift from the previous manual burns carried out by the team, to automated burns, which Shytoshi Kusama and their team pledged to introduce to the community back in January.
In the upcoming update for Shibarium, known as a hard fork, we’ll integrate a novel variant of our network’s fundamental piece called Bor, which is central to the system. This new Burn mechanism is an essential part of this update.
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2024-08-09 11:58