Can Shiba Inu remove one zero after skyrocketing 660% burn? - CryptoCrazeNews

Can Shiba Inu remove one zero after skyrocketing 660% burn?

Can Shiba Inu remove one zero after skyrocketing 660% burn?

Can Shiba Inu remove one zero after skyrocketing 660% burn?

Shiba Inu (SHIB) burn rate experienced a remarkable surge of 660.52% within the last 24 hours, according to data from the Shibburn dead-wallet transaction tracker. Simultaneously, the SHIB price witnessed a substantial rebound, marking a sharp reversal following a recent decline. This surge in the burn rate followed a recent tweet from a Shiba Inu team member, hinting at their developers’ commitment to executing Ryoshi’s plans for SHIB and Shibarium by the year’s end.

The SHIB burn rate

Data provided by Shibburn revealed that the SHIB community successfully burned a total of 115,766,995 SHIB meme coins in the past day. This surge required four burn transactions, with the largest one involving an anonymous whale disposing of a massive 111,669,458 SHIB to an unspendable blockchain address. The identity of this anonymous whale remains unknown.

This marks the second consecutive increase in the SHIB burn rate, with a 219% spike reported just a day earlier. Last week, the SHIB team announced a significant shift in their burning mechanism, implementing an automated mode for transferring Shiba Inu to dead-end addresses, shutting down the manual option. Currently being tested on the Puppynet (Shibarium testnet), Puppynet is in the process of migrating from Ethereum‘s Goerli network to a new one called Sepolia. Aiming to enhance transaction speed, reduce fees, and introduce other improvements.

How is the token progressing?

Lucie, SHIB’s marketing expert, revealed insights from her meeting with the mysterious lead developer Shytoshi Kusama. While she couldn’t disclose many details, Lucie shared that the team’s goal is to complete all developments for SHIB on Shibarium by the end of this year. Originally slated for completion by 2024-2025, the developers are now determined to expedite the process. Lucie emphasized that this is a goal, not a promise, but achieving it would have a significant impact on the layer-2 network.

She also focused on the ongoing testing phase of the new developments on Shibarium, indicating that once completed, the effects on the layer-2 network would be substantial.

Taking a broader look at the current market conditions, SHIB is priced at $0.000009049, with a market cap of $5.33 billion, securing its position as the 18th largest cryptocurrency. The 24-hour trading volume stands at $73.35 million, and the circulating supply is at 589.29 trillion SHIB, contributing to a total supply of 589.53 trillion SHIB.

As the SHIB team strives to implement Ryoshi’s vision by the end of the year, Lucie emphasized the potential impact on the layer-2 network once all the developments on Shibarium are completed.

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