Big News for Shiba Inu (SHIB) Propel Burn Rate Over 4,000%: What You Need to Know
TL;DR
- Shiba Inu Burn Rate Spike: Shiba Inu has seen a significant increase in its burn rate, resulting in the removal of millions of tokens from circulation.
- Shibarium Developments: Shibarium, the meme coin’s L2 blockchain solution, will go through key updates to enhance its burning mechanism.
The second-largest meme coin by market capitalization – Shiba Inu – experienced a burn rate spike of approximately 4,200% in the last 24 hours, resulting in more than 10 million tokens being removed from circulation.
The burn has been going through the roof since the beginning of the year, with over 9 billion SHIB destroyed (around 10% of the amount burned throughout the entire 2023).
Shiba Inu has adopted that program to reduce the circulating supply of SHIB, making it scarcer and potentially more valuable in time.
Every time a transaction is made on the network, a certain percentage of the transaction fee is transferred to a null address. Those curious to learn more about the specifics could take a look at our guide here.
Shiba Inu’s latest burn rate spike came shortly after Shibarium (the meme coin’s layer-2 blockchain solution) introduced “a transformative token burning mechanism.”
The development was labeled “crucial” for the network’s tokenomics since it was designed to reduce the burden of manual token burning and automate the entire system.
It will be tested on Puppynet in the following days and witness “multiple upgrades to enhance efficiency and reliability.” It will then be brought to the Mainnet and operate based on predefined rules.
Officially launched in August last year, Shibarium aims to elevate Shiba Inu above its rivals in the meme coin realm by improving speed and reducing transaction fees. It has blasted through countless milestones as of late, such as exceeding the 300 million mark in terms of total transactions.
More information on it can be found in our dedicated video below:
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