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This new burn mechanism is significantly reducing the amount of SHIB in circulation, as evident in the recent percentage burn rate reported.
Shiba Inu (SHIB) has seen a huge spike in its burn rate, suggesting a possible price rebound. According to the Shibburn tracker, the platform that monitors the rate and amount of SHIB burnt, the burn rate has spiked by more than 13,900% in the last 24 hours. As a result, 96,634,993 SHIB tokens have been sent to dead wallets. This notably aligns with the community’s effort to reduce the token’s circulating supply.
New Burn Mechanism Facilitate SHIB Burn
This massive burn rate surge coincides with an increase in the price of SHIB earlier this week. After this short-paced uptick, the token’s price has fluctuated. At the time of this writing, SHIB traded at $0.000014, corresponding with a 1.09% dip, per CoinMarketCap data.
The burn rate has reignited new hopes for a potential price rebound. From the circulating supply of about 583 trillion SHIB, the project has successfully destroyed over 410 trillion tokens.
Shiba Inu Burn Rate Chart. Source: Shibburn
The huge burn rate comes after an automated burn mechanism – ShibTorch – went live on Shibarium recently. Precisely, on August 9, the Layer 2 network, designed for the Shiba Inu ecosystem, underwent a crucial hard fork. The upgrade involved deploying a new version of the Bor software (v1.1.2-bone).
Upon successfully deploying at the block height of 6,206,570, the upgrade implemented a new burn mechanism designed to automate the burning of Shiba Inu. SHIB marketing lead LUCIE shared a few details on how the mechanism works. She clarified that it would be tied to users’ transaction fees.
Therefore, 70% of all base transaction fees collected on the network will automatically go into the burn wallet. This leaves the remaining 30% for network maintenance, development, and growth. Noteworthy, the transaction fees are converted to SHIB before being burned.
As expected from its inception, this new burn mechanism is significantly reducing the amount of SHIB in circulation, as evident in the recent percentage burn rate reported.
New Shiba Inu Advances Beyond Burn Rate
As part of the improvements in the Shiba Inu ecosystem, the protocol introduced the first beta version of Shiba Eternity, a Shibarium-based Web3 game. The game offers a seamless and secure experience and leverages blockchain technology for in-game transactions and asset management.
In addition, the game features a competitive-ranked model that allows players to participate in 15-day tournaments. The rankings are based on players’ performance, with reward distribution according to the final standings. The top 25 players from the ranked mode are given access to exclusive tournaments featuring seasonal events and unique rewards.
Meanwhile, the game has made significant upgrades, an enhanced tutorial, a refined menu interface, and more. The new reward system delivers a few functionalities to players transitioning from the Web2 version of the game. These include faster progression, improved quests, and special welcome gifts.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
