In a significant development, the SHIB community achieved a staggering increase in the SHIB burn rate, according to data from the Shibburn tracking service. Over the past 24 hours, the burn rate soared to an extraordinary 137,411%. This surge followed the SHIB team’s announcement of an upcoming hard fork that will introduce a new burn mechanism for Shiba Inu.

Unprecedented Burn Activity

During this period, the SHIB army made a notable impact by removing a substantial amount of SHIB from circulation, resulting in the burn of an impressive 105,981,775 SHIB tokens. This dramatic increase in burn activity is a rare event. 

_{Source: Shibburn}

The burns occurred through three transactions, with the first two playing a significant role. In particular, these transfers burned 41,228,964 and 64,728,293 SHIB, all originating from the same mysterious blockchain address ending in -70616. 

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These SHIB coins were then sent to unspendable wallets, permanently locking them away.

Introduction Of The Shibarium Burn Mechanism

Moreover, the SHIB team is preparing to enhance the burning process on the Shibarium blockchain. Lucie, a prominent SHIB team member and social media expert, announced on the X platform that the long-awaited upgrade is on the horizon. This new mechanism will automatically convert 70% of transaction fees from BONE into SHIB and subsequently burn them, removing them from circulation.

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This marks a shift from the manual burns that the SHIB team conducted earlier in the year and in November-December 2023. The original burns aimed to reduce the circulating supply and gradually increase the SHIB price. 

🔥Shibarium BURNS UPDATE 🔥

Starting at block 6206570, the Shibarium network will roll out a long-awaited update: a burn mechanism directly tied to transaction fees. With this update, 70% of all base transaction fees collected on the network will be automatically converted to… pic.twitter.com/D4hkfvAP3H

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) August 8, 2024

However, the new automated mechanism, promised by the enigmatic lead Shytoshi Kusama in January, signifies a more frequent and efficient approach to reducing supply. 

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— FXCryptoNews (@FXCryptoNews) December 14, 2023

This burn mechanism will be introduced through a hard fork on Shibarium, incorporating a new version of the network’s core component, Bor.