SHIB Burns Jump 660% as Price Makes Abrupt Bullish U-Turn

Fri, 2/02/2024 – 10:05

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Contents

  • SHIB burn rate soars 660%
  • SHIB team plans to implement Ryoshi’s vision by 2025

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In a significant turn of events, the Shiba Inu burn rate has seen a substantial increase since yesterday morning, according to the Shibburn dead-wallet transaction tracker. Meanwhile, the SHIB price also went up substantially, making a U-turn after a recent decline.

This rise in the SHIB burn rate followed the recent tweet of a Shiba Inu team member about their developers’ intentions to execute Ryoshi’s plans related to SHIB and Shibarium by the end of this year.

SHIB burn rate soars 660%

The said data source said that within the last 24 hours, the SHIB community managed to dispose of 115,766,995 SHIB meme coins in total. This triggered a rise of 660.52% in the burn rate.

It took four burn transactions to achieve this, with the largest one shoveling 111,669,458 SHIB to an unspendable blockchain SHIB address. This massive transaction was made by an anonymous whale, whom Shibburn was unable to identify.

Shib burn rate jumps
Image via Shibburn

This is the second consecutive increase in the SHIB burn rate – on Thursday, this metric saw a 219% spike.

Last week, the SHIB team announced a “new era” for Shib burns as they implemented an automated mode for transferring Shiba Inu to dead-end addresses, switching off the manual one. So far, the new mechanism is being tested on Puppynet (Shibarium testnet). Aside from that, Puppynet is currently being moved from Ethereum network Goerli to a new one called Sepolia. This will allow the developer team to implement higher transaction speed, lower fees and similar improvements.

SHIB team plans to implement Ryoshi’s vision by 2025

SHIB’s marketing expert Lucie shared that she had had a meeting with the mysterious lead developer Shytoshi Kusama. She said that she was unable to reveal much, but still Lucie spilled the beans about the team’s plan “to have everything finished by the end of this year.”

The initial plan, according to Lucie, was to get all the developments for SHIB on Shibarium finished by 2024-2025, and developers will now press on to make that happen before the year ends. However, Lucie warned that this is “not a promise but that’s the goal.”

Lucie added that once all the new developments on Shibarium are finished, the impact on the layer-2 network will be significant.

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