SHIB Burns on Fire After Shiba Inu Team Performs Hard Fork
Release: 2024/05/03 23:29 Reading: 689
Cover Image via U.Today
According to data provided by the Shibburn meme coin wallet tracker, a significant amount of SHIB has been burned since yesterday morning. This increase has driven the SHIB burn rate up substantially.
The drastic increase in the burn rate occurred after the Shiba Inu team performed the first hard fork on its layer-2 blockchain, Shibarium.
Burn Rate Skyrockets 15x - 616%
The aforementioned data source reports that within the past 24 hours, the burn rate of the popular meme-inspired cryptocurrency Shiba Inu has witnessed a dramatic surge from +43% to 616.15%, fueled by a single transaction.
In total, the SHIB community has transferred 18,663,708 SHIB to unspendable blockchain wallets. The largest transaction occurred approximately an hour ago, sending 14,943,135 SHIB to a dead address. src="/uploads/20240504/17147985786635bff25e74f.png">Image via Shibburn**
SHIB Member Reveals Ryoshi's Major Burn "Secret"
This week, Shiba Inu's marketing expert Lucie reminded the community about a key aspect of token burns implemented by the enigmatic SHIB founder, Ryoshi.
She responded to a tweet inquiring about the continuation of SHIB burns by the team. Lucie clarified that user activity on Shibarium enables developers to destroy meme coins.
Lucie emphasized that Ryoshi burned his keys to the SHIB supply, preventing himself from distributing tokens as he desired. According to Lucie, the mysterious founder intended to convey that "for anything to be burned, it must first be purchased." She further explained to the user that "in order to conduct burns, you need to generate income to facilitate the process."
SHIB Conducts Hard Fork
As announced via a recent tweet from the Shiba Inu account, the SHIB team has successfully completed a hard fork on the Shibarium blockchain. This significant upgrade promises significantly faster transactions than before, along with "predictable for everyone" gas fees.
A hard fork involves splitting an existing blockchain into two, with the old one being abandoned and the new one continuing forward. This upgrade is irreversible.
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