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Data shared by the Shibburn tracker recently shows that overnight, the Shiba Inu community succeeded in burning another large chunk of SHIB meme coins. Simultaneously, the coin’s price showed a large increase, adding more than 12%.
SHIB burns spike over 1,000%
The above-mentioned 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, as reported by U.Today, the jump in the burn rate constituted 616%.
As 2024 began, the SHIB team started testing a new automated mechanism for burning SHIB tokens on the Shibarium testnet. While doing that, the developers burned several tens of billions of SHIB thanks to the saved up gas fees. Transaction fees on Shibarium are paid in BONE and then part of them gets converted into SHIB to be sent to unspendable wallets for good.
Now, since there are no news on the automated burn mechanism, SHIB community members from time to time begin asking when the developers start burning again. The official marketing lead of the team, Lucie, recently responded to those demands, citing the SHIB founder Ryoshi. He burned his burn keys, stressing that before meme coins can be burned they must be bought, thus urging the community to show more activity in this regard.
SHIB price soars overnight
The second largest meme coin Shiba Inu has demonstrated impressive growth within the last 24 hours. In an unexpected development, the price soared by more than 12% by now, hitting the $0.00002550 price level.
One of the triggers that propelled this massive surge was a new listing of SHIB by the prominent U.S.-based crypto exchange Kraken Pro — it has added several new margin pairs, including those based on the SHIB, PEPE meme coins.
Tomiwabold Olajide
Mushumir Butt
Gamza Khanzadaev
