Following a significant announcement on X (formerly known as Twitter) by a Shiba Inu representative, the SHIB burn rate experienced a remarkable increase, as reported by data from the Shibburn explorer.
This surge reflects the Shiba Inu community’s active participation, resulting in the disposal of a substantial amount of the meme coin.
Shibburn Records Surge in SHIB Burn Rate
Significant Increase in Burn Activity: Shibburn’s data reveals a substantial rise in the burn rate of Shiba Inu’s meme coin, SHIB, over the past 24 hours. During this period, the community disposed of a total of 40,067,872 SHIB tokens, indicating a noteworthy surge in burn activity.
Key Burn Events: The most notable burns occurred recently, with the largest one taking place around 14 hours ago, resulting in the destruction of 20,000,000 SHIB tokens. Following closely, another significant burn occurred approximately two hours ago, where 1,693,629 SHIB tokens were disposed of into an unspendable blockchain wallet. Interestingly, Wednesday also witnessed a notable increase in the SHIB burn rate, reaching 2,211.89%.
Surge in Burn Rate: Despite the absolute number of tokens burned not being exceptionally high, the surge in burn rate saw a remarkable increase of 2,076% compared to previous levels. This spike indicates heightened activity and engagement within the Shiba Inu community, contributing to the ongoing disposal of SHIB tokens.
Image via Shibburn
Shibarium Unveils Ambitious Upgrade Plans
1. Upcoming Features: Lucie, Shiba Inu’s marketing lead, disclosed a roadmap for Shibarium, outlining several upgrades scheduled for release between this year and 2025. Notable additions include the SHIB Metaverse, a new version of the Shiba Eternity game, and the rollout of ShibaSwap DEX 1.75, with version 2.0 to follow.
2. New Projects: Shibarium’s expansion plans extend beyond existing features, with upcoming projects including the introduction of a layer-3 testnet and the launch of the TREAT token. The TREAT token will serve as the primary currency for the new blockchain running atop Shibarium.
3. Fundraising Success: To kickstart the development of the layer-3 solution, the SHIB team recently secured a substantial $12 million investment from major backers. This funding injection will facilitate the implementation of ambitious upgrades and innovations within the Shibarium ecosystem.
4. Global Presence: Shytoshi Kusama, the enigmatic lead behind SHIB, has been making waves across various global locations. Known for his frequent changes in location on social media platforms like X (formerly known as Twitter), Kusama has been spotted in Dubai, Hong Kong, the Maldives, and several U.S. cities, including New York. These movements hint at the project’s expanding reach and growing influence on the global stage.
Mixed Fortunes for SHIB Price Amid Positive Developments
Despite Positive News: Despite positive developments such as the surge in the burn rate and successful fundraising efforts, meme coin SHIB has faced challenges in terms of price performance.
Price Decline: Over the past 24 hours, SHIB, the second largest meme cryptocurrency, has experienced a notable decline of approximately 10.39%. As of the latest data, SHIB is currently trading at $0.00002458.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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