Shiba Inu (SHIB) Experiences Surge in Burn Rate Amid Development Milestones
Following a recent downturn, the price of SHIB has witnessed an upward movement. This surge coincides with a notable increase in the SHIB burn rate, spurred by a recent tweet from a Shiba Inu team member outlining their developer plans for Ryoshi-related initiatives concerning SHIB and Shibarium by the year’s end.
In a significant turn of events, the Shiba Inu burn rate has experienced a substantial uptick since yesterday morning, according to Shibburn, a tracker for the dead wallet. Simultaneously, the burn rate of SHIB has surged by 660%.
According to the provided data source, the SHIB community successfully burned a total of 115,766,995 meme coins in the past 24 hours, resulting in a remarkable 660.52% increase in the burn rate. Achieving this took four consecutive copy transactions, with the largest transaction involving the transfer of 111,669,458 SHIB to an unspendable SHIB address, executed by an unidentified whale.
This marks the second consecutive increase in the SHIB burn rate, with Thursday witnessing a 219% surge. The team implemented an automated process to transfer Shiba Inu to blocked addresses, discontinuing manual operations. Currently, the new mechanism is being tested on Puppynet (Shibarium test network). Additionally, Puppynet is in the process of transitioning from the Ethereum Goerli network to a new network called Sepolia, aiming to facilitate faster transactions, lower fees, and similar improvements.
READ MORE Shiba Inu (SHIB) Experiences Surge in Token Burns Despite Price Decline
The SHIB team plans to realize Ryoshi’s vision by 2025, with Lucy, SHIB’s marketing expert, revealing a meeting with the mysterious lead developer, Shitoshi Kosama. While Lucy couldn’t disclose many details, she unveiled the team’s plan to “wrap everything up by the end of this year.” According to Lucy, the initial plan was to complete all SHIB development operations in Shibarium by 2024-2025, and developers are now working towards achieving this goal by the year-end. However, Lucy cautioned that this is “not a promise but an aspiration.”
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