Altcoins

SHIB Burns Skyrocket 4,240% After New Burn Era Kicked Off

Recent figures on the Shibburn tracker’s website show that since yesterday morning, the percentage count of burned SHIB has skyrocketed compared to the previous day.

This has been the second massive burn surge this week reported by Shibburn; the one on Tuesday saw more than 100 million SHIB destroyed.

In the meantime, SHIB demonstrated a slight decline over the last 24 hours.

Burn rate jumps 4,240%, here’s how much SHIB removed

According to the aforementioned source, within the period of the last 24 hours, the SHIB community has managed to increase the burn rate by 4,240% and burn 15,712,916 Shiba Inu.

The two biggest transactions this time carried 7,331,125 SHIB and 5,574,136 SHIB, and therefore, these two burned nearly all of the 15.7 million coins.

SHIB team announces New Burn Era as Puppynet transitions to Sepolia

As reported earlier this week, the Shiba Inu developer team has begun the transition of the Shibarium testnet Puppynet from Ethereum’s Goerli network to Sepolia, which also runs on the second-largest cryptocurrency blockchain built by Vitalik Buterin and his colleagues.

Along with this, the SHIB development team spearheaded by the mysterious leader Shytoshi Kusama has launched the trial of a transformative new mechanism for burning SHIB coins as they announced the upcoming arrival of a “new burn era” for Shiba Inu.

The new mechanism, according to an article in the latest edition of the Shiba Magazine, will be vital for Shibarium’s economic model since trillions of Shiba Inu are intended to be burned through it. One thing that is known about the new SHIB burn models, according to a December blog post, is that SHIB burns in it will switch from manual mode to an automated one on Puppynet.

As for other bonuses of the transition from Goerli to Sepolia is that this will include multiple other upgrades on Shibarium as well and, in particular, will result in a greater speed of transactions, improved smart contract functionalities and a better user experience.

Trillions of SHIB on move

As reported earlier, Whale Alert spotted a massive transaction of 4,276,568,835,013 SHIB as it was shoveled from major cryptocurrency exchange Bitvavo.

This immense SHIB transfer was worth a staggering $37,950,271. It proved to be an internal transfer eventually.

Source

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