Data shared by tracker Shibburn recently shows that overnight, the Shiba Inu community managed to burn another large amount of SHIB meme coins. At the same time, the price of the coin showed a huge increase, adding up to more than 12%.
Data shared by tracker Shibburn recently shows that overnight, the Shiba Inu community managed to burn another large amount of SHIB meme coins. At the same time, the price of the coin showed a huge increase, adding up to more than 12%.
SHIB burns increase more than 1,000%
The aforementioned data platform shared that since last morning, the overall increase in the SHIB burn rate has constituted a whopping 1,009%. A total of 29,199,627 SHIB meme coins have been transferred out of circulation.
The two largest burn transfers this time contained 14,943,135 and 10,006,280 Shiba Inu.
On Friday, Guru-Investingreported, the increase in the burning rate was 616%.
As 2024 began, the SHIB team began testing a new automated mechanism for burning SHIB tokens on the Shibarium testnet. While doing this, developers burned several tens of billions of SHIB thanks to saved gas fees. Transaction fees on Shibarium are paid in BONE and then part of it is converted to SHIB to be sent to non-fungible wallets forever.
Now, since there is no news about the automated recording mechanism, SHIB community members from time to time start asking when the developers start recording again. The team’s official marketing lead, Lucie, recently responded to those demands, citing SHIB founder Ryoshi. She burned her burn keys, emphasizing that before burning meme coins they must be purchased, thus urging the community to show more activity in this regard.
SHIB Price Soars Overnight
The second largest meme coin, Shiba Inu, has shown impressive growth in the last 24 hours. In an unexpected development, the price skyrocketed by more than 12% so far, reaching the price level of $0.00002550.
One of the triggers that fueled this massive surge was a new listing of SHIB by prominent US-based crypto exchange Kraken Pro – it has added several new margin pairs, including those based on the SHIB meme coins. and PEPE.
