Shiba Inu Burn Rate Rockets 7,687,000% After Key Updates, What’s Next For SHIB?

In a breathtaking turn of events, Shiba Inu’s burn rate has skyrocketed by a staggering 7,687,000% within the last 24 hours, witnessing the incineration of nearly 8.35 billion SHIB from its total supply. Meanwhile, this unprecedented surge in burning activity follows an update from the lead developer of Shiba Inu, Kaal Dhairya, revealing the introduction of Shibarium’s revolutionary token-burning mechanism.

Notably, this mechanism, strategically designed to trim token supply and enhance the network’s value, has sparked speculations in the crypto community, especially in the meme coin segment.

Shiba Inu Burn Rate Soars 7,687,000%

Shiba Inu’s recent surge in burning activity, which saw a whopping 8.35 billion SHIB incinerated in just 24 hours, can be attributed to the implementation of Shibarium’s groundbreaking token-burning mechanism. Notably, the Shibburn report showed that the burning amount reflects a 7686774.46% jump from yesterday, with only six transactions noted.

The highest two transactions over the last 24 hours were 8.24 billion and 100 million, respectively. Following the recent burning activity, the total number of SHIB tokens burnt from the initial supply was 410.67 trillion. However, the current circulating supply stood at 580.51 trillion.

Meanwhile, sharing a recent blog on the X platform, Shiba Inu lead developer Kaal Dhairya sheds light on the transformative process, emphasizing its significance for the network’s economic model. The burning mechanism unfolds in two crucial phases: a manual phase, allowing meticulous control by the official deployer wallet, and an automated transition set to commence in January 2024.

Notably, in the manual phase, stakeholders delicately manage the burn process to align with the network’s health and sustainability. This initial stage demands coordination with validators and node operators, laying the foundation for a seamless transition.

However, as the mechanism evolves, the automated phase will kick in, bringing with it multiple upgrades to boost efficiency and transparency. According to the update, predefined rules will govern this automated burn process, ensuring a streamlined and effective reduction of token supply.

Also Read: Binance Launches Zero-Fee Trading For XRP, ETH, SOL, DOGE, LINK, BNB

A Closer Look Into The Report

Central to the success of Shibarium’s burn mechanism is the network’s adoption rate. Meanwhile, as Shiba Inu experiences a surge in transactions and a significant uptick in gas fees, reaching an astonishing 1000% increase, the token-burning process also intensifies.

Notably, this symbiotic relationship creates a self-sustaining cycle wherein increased network usage directly contributes to the exponential growth of token burns, fostering a robust ecosystem.

However, despite the significant surge in the SHIB burn rate, the Shiba Inu performance struggled to show any positive trend. As of writing, the Shiba Inu price was down 0.55% over the last 24 hours and traded at $0.000009128, while its one-day trading volume fell 1.62% to $444.83 million.

Meanwhile, the blog also showed that Puppynet, the testnet for Shibarium, is currently undergoing a substantial transformation by transitioning its foundational Layer 1 (L1) infrastructure from the Goerli Network to the Sepolia Network. This strategic move is a response to the continuous advancements in blockchain technologies, emphasizing the importance of adapting to more scalable and efficient infrastructures to enhance overall performance and capabilities.

However, the outlook for Shibarium’s token-burning mechanism appears promising. With planned upgrades and the intrinsic link between network adoption and burning efficiency, the mechanism is poised to become a central pillar of Shibarium’s economic strategy.

In addition, the transition to Sepolia, coupled with improvements in transaction speeds, smarter contract functionalities, and user experiences, positions Shibarium as a trailblazer in blockchain innovation.

Also Read: Crypto Tax Frauds on IRS Radar Amid Market Boom

✓ Share:

• Solana (SOL) Price Tanks 7% Amid Massive Transfer By FTX Cold Wallet, What’s Next?
• Shiba Inu Burn Rate Rockets 7,687,000% After Key Updates, What’s Next For SHIB?
• Just-In: Binance Launches Zero-Fee Trading For XRP, ETH, SOL, DOGE, LINK, BNB
• Crypto Tax Frauds on IRS Radar Amid Market Boom
• Crypto Prices Today: Bitcoin, Pepe Coin, STX Lead Market Rally

Advertisement

Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor and crypto journalist at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Advertisement