According to wallet tracker Shibburn, which tracks Shiba Inu token burn transactions on Etherscan and then publishes the data on its separate website, the Shiba Inu community has successfully increased its SHIB token burn rate over the past 24 hours.
This significant rise comes as the SHIB price has begun to recover from a nearly 9% drop earlier this week.
SHIB burns jump high
The aforementioned data source showed that the SHIB burn rate has jumped by about 300% in the last 24 hours. However, the number of SHIB coins burned that caused this significant increase was less than 1 million – only 899,940 SHIB.
So far, there have only been four transactions, the largest of which involved almost all of the SHIB ammo listed above – 749,807 coins.
Shibarium continues to attract new users
As previously reported, Shibarium’s layer-2 Shiba Inu solution continues to see a daily influx of new users. The number of new accounts on the aforementioned blockchain created by the SHIB team has increased by 23%, rising from 489 to 602.
This significant increase occurred despite the team increasing the transaction fees on Shibarium, which rose from 19.31 BONE to 40.14 BONE. Interestingly, some of these gas fees are being set aside by the team to be used later to purchase Shiba Inu tokens and burn them. The SHIB team has consistently stated on social media, in response to calls to speed up SHIB burns, that higher burns will only be possible once Shibarium’s utility begins to increase dramatically.
According to the concept of Shibarium, proposed by the mysterious founder Ryoshi and then adopted by the pseudonymous developer Shitoshi Kusama, the more new users, partners, and dapp developers that integrate Shibarium, the greater its usefulness will be, leading to more Shiba Inu burns.
SHIB Price Approaching $0.00002
Meanwhile, the price of the second-largest dog-themed cryptocurrency SHIB rose 6.46% today after falling around 9% on Tuesday. However, the current price gains were reduced as the meme coin fell, losing 2.45%.
At the time of writing, SHIB is trading at $0.00001918, with the important psychological mark of $0.00002 within arm’s reach.
