Image via Shibburn

The popular meme coin explorer Shibburn reported a massive increase in the burn rate of Shiba Inu, the second-largest meme cryptocurrency by market capitalization. The SHIB price experienced a significant upward trend recently, growing by almost 6% but later seeing a minor decline. Currently, Shiba Inu is trading at $0.00002347.

In the last 24 hours, the SHIB burn rate surged by more than 5,600%. A total of 26,430,838 SHIB has been destroyed, with the largest single burn involving 24,176,493 SHIB from 22 hours ago. This burning action included moving 1,000,000 SHIB meme coins to an unspendable blockchain wallet, equivalent to approximately $569 in fiat currency. As a result, the burn rate increase reached 5,803.56%.

A similar significant increase in the burn rate was observed earlier this week when Shibburn experienced a rise of 4,085% with 81,649,878 SHIB being taken out of circulation on a single day.

Cryptic Tweet from Shytoshi Kusama

Shytoshi Kusama, the mysterious lead of the Shiba Inu developer team, posted a cryptic tweet a few days ago with only the word "evita," which means "life" or "a living one" in Spanish. Another SHIB software developer, Kaal Dhairya, shared the same message without any additional explanation. This led to speculation within the SHIB community, with some suggesting that a new token could be launched within the Shiba Inu ecosystem soon. However, neither Kusama nor Dhairya provided any clarification on these speculations.

There are beliefs within the SHIB community that these enigmatic tweets could be related to the recently implemented Shibarium hard fork, a significant update that was launched last week on the layer-2 blockchain created by the SHIB team. This hard fork introduces new capabilities to Shibarium, including improved transaction speed and predictable gas fees for all users.