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The Shiba Inu (SHIB) community has achieved a milestone by pushing the burn rate to an extraordinary 137,411%. This surge is a direct result of the latest efforts to decrease the circulating supply and strengthen the token's market position.
137,411% SHIB Burn Rate Achieve
The Shibburn tracking website reports that the SHIB community has managed to dispose of a staggering amount of SHIB in the past 24 hours, driving the burn rate to an astonishingly high level.
Interestingly, this massive increase in burns occurred right after the SHIB team declared their intention to implement a new hard fork that would incorporate a Shiba Inu burn mechanism.
U.Today shares that the SHIB army has made great strides in the past day to reduce the supply of SHIB and remove it from circulation, according to the data source indicated before.
105 Million SHIB Burned in 24 Hours
Thanks to the unexpected uptick in burn activity, 105,981,775 SHIB meme coins have been burned. Regarding the burn rate, it has been raised to 137,411%, which is a level not seen for a long time here.
All three transactions used up the aforementioned quantity of SHIB, with the first two handling the most of the damage. With these burn transfers, 41,228,964 and 64,728,293 Shiba Inu were shoveled. Both originated from the same cryptic blockchain address—70616—because the SHIB coins in question were locked in unspendable wallets.
SHIB Upgrade to Automate Future Burns
Social media whiz Lucie, a prominent SHIB team member, announced the impending release of an upgrade by Shiba Inu on the X platform. This version would enable users to enhance SHIB burns on the Shibarium blockchain, which has been hotly anticipated.
Automatically converting 70% of transaction fees from BONE to SHIB and then burning them to remove them from circulation is what this technique is all about.
This will lead to more regular SHIB fires, as opposed to the ones that occurred earlier this year and in November and December of 2023, when the team used the converted gas payments.
The original intention of the burns was to lower the circulating supply and raise the long-term price of SHIB.
This new process marks the team's commitment to the community, pledged in January by the mysterious leader Shytoshi Kusama, to move away from manual SHIB burns and toward automated burns.
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