SHIB Burn Rate Increases by 2,076% Following Major Announcement
The Shiba Inu community has seen an increase of 2,076% in the SHIB burn rate in response to a recent major announcement the team made. This dramatic surge in burned tokens could signal a proactive shift in strategy.
Shiba Inu Community Ramps Up Token Burns, Achieving a 2,076% Increase in the Last 24 Hours
According to data provided by the Shibburn explorer, the Shiba Inu community has dramatically increased the SHIB burn rate today by disposing of a large number of tokens, as reported by U.Today.
This occurred when a Shiba Inu representative made a significant announcement on X (previously known as Twitter). Shibburn has reported that the Shiba Inu army disposed of 40,067,872 SHIB coins in the last 24 hours. While the number of meme tokens burned is not particularly impressive, the increase in burn rate was certainly noticeable – a staggering 2,076%.
The largest meme cryptocurrency burn occurred around 24 hours ago when 20,000,000 SHIB was burned. The second-greatest occurred just a few hours ago when 1,693,629 SHIB were transferred to an unspendable blockchain wallet.
On Wednesday of this week, the SHIB burn increase was slightly larger at 2,211.89%.
Shibarium Set for Major Upgrades with New Projects and $12 Million Funding Boost for Layer-3 Development
On Wednesday, Lucie, Shiba Inu’s marketing lead, presented a list of Shibarium enhancements available this year and in 2025. This list contained the SHIB Metaverse, another incarnation of the Shiba Eternity game, and ShibaSwap DEX 1.75 (with version 2.0 to follow). Shibarium’s proposed additional projects include the layer-3 testnet and the TREAT token, which will power the new blockchain that will run on top of Shibarium.
To begin developing the layer-3 solution, the SHIB team secured a massive $12 million investment from some very prominent investors. The enigmatic SHIB leader, known on social media as Shytoshi Kusama, recently explained why he has often shifted locations on the X/Twitter app. He was spotted in Dubai, Hong Kong, the Maldives, and other US cities, including New York. Globetrotter Shytoshi said that he had been traveling around pitching the layer-3 idea to investors and raising above $12 million from them.
SHIB Struggles with Price Despite Positive Developments and Increased Burn Rate
Despite the positive news about the burn rate, successful fundraising, and upcoming developments, the meme currency SHIB is not performing overly well in pricing. Over the last 24 hours, the second-largest meme cryptocurrency has gained just over 1.33%. At the time of writing, SHIB is trading at $0.00002554.
