SHIB Burn Rate Skyrockets After Crucial SHIB Upgrade Announcement

Popular wallet tracker Shibburn has published an update on the key Shiba Inu metric it keeps an eye on. Along with a substantial rise in the SHIB burn rate, a large amount of meme coins have been transferred out of the circulating supply.

This happened after the SHIB team announced a major Shibarium upgrade scheduled in less than a week.

SHIB burn rate surges

According to Shibburn, within the past 24 hours, the SHIB community has tenaciously disposed of 45,168,738 Shiba Inu meme coins. This has allowed the overall daily SHIB burn rate to stage an increase of 88.32%.

The three largest burns on this list have been the transactions that carried 35,852,170, 6,261,928 and 1,000,000 SHIB to unspendable blockchain addresses.

By now, overall, the SHIB community has succeeded in burning 410,726,100,388,767 SHIB, with the total circulating supply still being 582,881,498,855,693 SHIB. The 419 trillion meme coins have been permanently locked in the SHIB burn wallet, which is the blockchain address holding the largest ever amount of SHIB, according to a recent report by the Arkham Intelligence platform.

Aside from that, 6,392,400,755,539 SHIB are currently locked in staking DeFi platforms and exchanges, meaning that they are “temporarily burned” since they are not circulating in the market.

Since January this year, the SHIB team has been testing a new burn mechanism, an automated one, on Puppynet — the Shibarium testnet. The developers referred to it as a new epoch in SHIB burns. However, since that January announcement, no more news about that has been shared.

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SHIB devs announce upcoming hard fork

Earlier this week, the official X account of the Shiba Inu token announced that on May 2, a hard fork of the Shibarium chain has been scheduled. This major upgrade will drastically increase the speed of new blocks production and the transaction fees will become predictable, which will make them more or less equal for all users.

The hard fork will also reveal a new level of possibilities for Shibarium users and will greatly simplify all engagement with this Layer-2 blockchain. More good news is that recently, the SHIB team has raised a whopping $12 million for developing a Layer-3 blockchain on top of Shibarium to increase security and privacy for its users, their data and transactions they make on it.