SHIB Burns Surge by 2,076% Following Recent SHIB Announcement

The Shiba Inu community witnessed a remarkable surge in the SHIB burn rate, skyrocketing by 2,076%, as reported by the Shibburn explorer. This surge occurred in response to a significant announcement made by a Shiba Inu representative on X (formerly Twitter).

Within the past 24 hours, the Shiba Inu army disposed of a substantial lump of meme coins, totaling 40,067,872 SHIB. Although the quantity of meme tokens burned may not seem staggering, the sharp rise in the burn rate is noteworthy.

The largest burn event occurred 14 hours ago, resulting in the destruction of 20,000,000 SHIB. Additionally, the second-largest burn event took place two hours ago, with 1,693,629 SHIB moved to an unspendable blockchain wallet. Notably, on Wednesday, the SHIB burn rate saw a slightly larger increase of 2,211.89%.

Shibarium Updates Announced for 2024-2025

Lucie, the marketing lead for Shiba Inu, unveiled a list of upgrades slated for launch on Shibarium throughout 2024 and 2025. These upgrades include the SHIB Metaverse, a new version of the Shiba Eternity game, and ShibaSwap DEX 1.75, with version 2.0 to follow.

Among the forthcoming projects on Shibarium are the layer-3 testnet and the TREAT token, which will fuel the new blockchain operating atop Shibarium. To initiate the development of the layer-3 solution, the SHIB team recently secured a substantial $12 million from major investors.

The enigmatic SHIB lead, Shytoshi Kusama, revealed the reason behind his frequent location changes on X/Twitter over the past few months. His travels to Dubai, Hong Kong, the Maldives, and various U.S. cities, including New York, were aimed at pitching the layer-3 project to investors and securing the aforementioned $12 million.

SHIB Price Performance

Despite positive developments such as the surge in burn rate, successful fundraising efforts, and upcoming project releases, the price of meme coin SHIB has faced challenges. Over the past 24 hours, SHIB has experienced a decline of approximately 10.39%, currently trading at $0.00002458.