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SHIB Burns on Fire After Shiba Inu Team Performs Hard Fork

Fri, 3/05/2024 – 15:27

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According to data provided by the Shibburn meme coin wallet tracker, a large amount of SHIB has been burned since yesterday morning. This burn increase has driven the SHIB burn rate far up.

The drastic increase in the burn rate took place after the Shiba Inu team performed the first hard fork on its layer-2 blockchain, Shibarium.

Burn rate skyrockets 15x – 616%

The above-stated source of data has shared that within the period of the last 24 hours, the burn rate of popular meme-inspired cryptocurrency Shiba Inu has seen a drastic surge from +43% to 616.15%, thanks to a single transaction.

Overall, the SHIB community has transferred to unspendable blockchain wallets 18,663,708 SHIB. The largest transaction took place roughly an hour ago, carrying 14,943,135 SHIB to a dead address.

Shib burns soar high
Image via Shibburn

SHIB member reveals Ryoshi’s major burn “secret”

This week, the Shiba Inu team’s marketing expert Lucie reminded the community about one of the things done by enigmatic SHIB founder Ryoshi in relation to token burns.

She responded to a tweet from an X platform user who tagged Shytoshi Kusama, asking him about the continuation of SHIB burns by the team. Lucie stepped into the conversation, stating that it is user activity on Shibarium that allows developers to destroy meme coins.

Lucie stated that Ryoshi burned his keys to the SHIB supply, thus depriving himself of the chance to send as many tokens as he perhaps wanted. The mysterious founder meant to say, per Lucie, that “for anything to be burned, it must first be purchased.” The team insider then clarified this for the X user, saying: “In order to conduct burns, you need to generate income to facilitate the process.”

SHIB conducts hard fork

According to a recent tweet issued by the Shiba Inu account, the SHIB team has completed a hard fork on the Shibarium blockchain. This remarkable upgrade promises much faster transactions than before, and also gas fees that are “predictable for everyone.”

A hard fork implies a split of an existing blockchain in two, with the old one getting left behind and the new one going forward. This upgrade cannot be reversed.

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