According to the Shibburn dead-wallet transaction tracker, there has been a notable uptick in the Shiba Inu burn rate since yesterday morning. Concurrently, the price of SHIB experienced a significant increase, reversing a recent downward trend.
The recent tweet from a Shiba Inu team member indicating that their developers want to carry out Ryoshi’s objectives about SHIB and Shibarium by the end of this year coincided with the increase in the SHIB burn rate.
SHIB burn rate soars 660%
According to the aforementioned data source, the SHIB community has successfully disposed of 115,766,995 SHIB meme coins overall in the past 24 hours. The result was an increase in the burn rate of 660.52%.
This was accomplished by four burn transactions, the greatest of which shovelled 111,669,458 SHIB to an unspendable blockchain SHIB address. Shibburn was unable to identify the unnamed whale that had made this enormous purchase.
The SHIB burn rate has increased for the second day in a row; on Thursday, it increased by 219%.
A “new era” for Shib burns was heralded by the SHIB team last week when they turned off the manual mode and introduced an automatic one for moving Shiba Inus to dead-end addresses. Puppynet, the Shibarium testnet, is now being used to test the new method. Apart from that, Puppynet is now being transferred from the Goerli Ethereum network to Sepolia. The development team will be able to add comparable enhancements, such as faster transactions and cheaper fees, thanks to this.
SHIB team plans to implement Ryoshi’s vision by 2025
Marketing specialist Lucie from SHIB revealed that she met with the enigmatic chief developer Shytoshi Kusama. Lucie revealed the team’s intention to “have everything finished by the end of this year,” despite her statement that she couldn’t disclose anything.
According to Lucie, the original goal was to complete all SHIB on Shibarium development by 2024–2025. Developers are currently working to complete that goal by the end of the year. Lucie cautioned that while it’s the objective, it’s “not a promise.”
After all of the latest advancements on Shibarium are completed, Lucie said, there will be a major effect on the layer-2 network.
