Shiba Inu's burn rate has surged by 4200%, removing over 10 million tokens from circulation

According to CryptoPotato, the second-ranked meme coin Shiba Inu has experienced a surge in burning rate of approximately 4200% in the past 24 hours, resulting in over 10 million tokens being removed from circulation. Since the beginning of this year, the burning volume of Shiba Inu has been skyrocketing and has already destroyed over 9 billion SHIB (about 10% of the total burning volume projected for 2023). Shiba Inu has implemented this plan to reduce the circulating supply of SHIB, making it scarcer and potentially more valuable over time. Whenever a transaction occurs on the network, a certain percentage of transaction fees is transferred to an empty address. The recent surge in burning rate by Shiba Inu occurred shortly after introducing "revolutionary token burn mechanism" on Shibarium (a layer-two blockchain solution for meme coins). This development is considered crucial for the token economics of the network as it aims to alleviate manual token burns burden and automate the entire system. It will be tested on Puppynet in the coming days with "multiple upgrades to improve efficiency and reliability." Then it will be brought onto mainnet and operate according to predefined rules. Shibarium was officially launched in August last year with an aim to surpass competitors in terms of speed and lower transaction costs within the meme coin space. Recently, it has achieved numerous milestones such as surpassing a total trading volume milestone of 300 million.