Following a crucial upgrade announcement for Shibarium, Shibburn reports a dramatic 88.32% increase in the SHIB burn rate, removing millions from circulation and significantly boosting Shiba Inu coin holders.

SHIB Community Ramps Up Coin Burn, Eliminates Over 45 Million SHIB in a Day

Shibburn reports (via U.Today) that over the last 24 hours, the SHIB community has disposed of 45,168,738 Shiba Inu meme coins. This has caused the overall daily SHIB burn rate to grow by 88.32%.

The three largest burns on this list were transactions that sent 35,852,170, 6,261,928, and 1,000,000 SHIB to unspendable blockchain addresses.

Overall, the SHIB community has burned 410,726,100,388,767 SHIB, leaving a total circulating supply of 582,881,498,855,693 SHIB. According to a new Arkham Intelligence platform report, the 419 trillion meme currencies have been permanently trapped in the SHIB burn wallet, the blockchain address that holds the most SHIB ever.

Aside from that, 6,392,400,755,539 SHIB are trapped in staking DeFi platforms and exchanges, implying that they are "temporarily burned" because they are not circulating on the market. Since January of this year, the SHIB team has been testing a new, automatic burn process on Puppynet called the Shibarium testnet. The developers described it as a new era in SHIB burning. However, following the January announcement, no further information has been released.

Shibarium Set for Major May 2 Hard Fork, Promises Faster Blocks and Fair Costs

Earlier this week, the Shiba Inu token's official X account informed that a hard fork of the Shibarium chain is set for May 2. This huge improvement will significantly accelerate the development of new blocks, and transaction costs will become predictable, making them more or less equal for all users.

The hard fork will also open new opportunities for Shibarium users and considerably simplify their interactions with this Layer-2 network. More excellent news: the SHIB team recently received $12 million to construct a Layer-3 blockchain on top of Shibarium, increasing security and privacy for its users, data, and transactions.

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