While there were no documented Shibarium-powered burning in February 2024, more than 643 million tokens were destroyed on Shiba Inu during that month. SHIB, a well-known meme coin on the Ethereum blockchain, has had an extraordinary run. Today, March 1, the dog-themed meme token’s burn rate increased by more than 30000%, garnering attention from all around the world. Since Shiba Inu has been rising astronomically over the last few days, hitting a high of $0.000014 in trading, this spike in burn rate has attracted a lot of attention from cryptocurrency traders and investors worldwide.
According to data from Shibburn, in February 2024, the Shiba Inu community burned 643,656,418 (643.65 million) tokens, which are worth $8,264. Shibburn noted that 134 transactions were made to move these 643.65 million tokens to Shiba Inu’s official inactive wallets. Just a small percentage of SHIB’s massive supply—which totals close to 590 trillion tokens—was destroyed in February.
According to reports as of February 1, the SHIB community destroyed around 9.93 billion SHIB tokens in January alone. In a similar vein, 36 billion SHIB tokens were burned on Shiba Inu in December 2023. Shibarium-powered burns are the reason for the spike of SHIB burns that occurred during these months. It is important to remember that the Shiba Inu team used some of the Shibarium gas fees to burn billions of SHIB tokens in December and January.
In particular, four burning and one incineration were started via the L2 network in December 2023 and January 2024, respectively. But there were no burns caused by Shibarium in February. The Shiba Inu community and ecosystem projects started the destruction of 643.65 million SHIB tokens last month.
Enhancing Privacy Measures: Shiba Inu Team Implements New Security Layer
Developers in charge of overseeing the Shiba Inu ecosystem are strengthening the network’s privacy features by adding an extra security layer. Working along with Zama, a cryptography business that verified the project’s progress this week, this security protocol is being developed. It is known that the security protocol in development will make use of a technique called Fully Homomorphic Encryption (FHE), even if the protocol’s exact name is still unknown. With the use of this tool, developers can retrieve data from untrusted sites without having to decode it or deal with it directly.
Built on top of the Ethereum blockchain, the Layer-2 Shiberium blockchain serves as the operating platform for the Shiba Inu ecosystem. The security protocol will be implemented into the Shiberium blockchain after SHIB deploys it. This security protocol will be implemented with the assistance of TREAT, a digital token that is part of the Shiba Inu ecosystem.
Shiba Inu’s protocol places emphasis on user protection, as evidenced by the integration of its encryption mechanism. This project might serve as a model for other Layer-2 blockchains to follow, strengthening the security of their communities and networks in the process.