The price of the second largest meme coin Shiba Inu (SHIB) has been rising recently on the news of an upcoming Shibarium release and following the surge of the Bitcoin price.
While SHIB has been going up on both a daily and weekly basis significantly, millions of SHIB have been removed from circulation.
Millions of Shiba Inu get burned
Per data shared by Shibburn tracker, which collects details of burn transactions on Etherscan and then accumulates them on its website, in the last 24 hours, the Shiba Inu army managed to burn 12,869,469 SHIB in total, taking six transactions to do so.
The largest chunk of SHIB that was burned here does not even exceed the 10 million mark — 9,674,961 SHIB. This may seem like a non-achievement since this amount of SHIB is worth merely $155; however, this is one of the smallest daily amounts of this meme token among those burned in January.
Overall, as reported by U.Today earlier, thanks to the joint efforts of the SHIB army, in January so far they have manage to remove approximately two billion Shiba Inu from the circulating supply. Currently, the burn rate is up 270% (upgraded data shows 118,546,378 SHIB have been destroyed). Yesterday, it soared by a whopping 760 million percent.
The aforementioned two billion burned SHIB amounts to $24,100 in USD equivalent.
SHIB price performance recently
Over the past seven days, the price of the second largest doggy-themed coin in terms of market capitalization has jumped by nearly 16%. Overall this year, Shiba Inu has demonstrated a rise of close to 50%, jumping from the $0.00000746 level to the current price mark of $0.00001208.
The biggest growth within a single day was made by the coin last week between Jan. 17 and 18, when the coin spiked by over 20%, printing three green candles on an hourly chart, two of which were massive.
Shibarium driving price growth
The overall price rise has been driven by a new cycle of promises to launch the Layer 2 protocol Shibarium, which has been much anticipated for over a year already, but so far, the SHIB army has not been waiting for it as long as the ETH community waited for the Merge and the shift to the proof-of-stake protocol.
Similarly to that Ethereum upgrade, the SHIB army expects much of Shibarium. The SHIB dev team, along with the team of the Unification fund, have promised that Shibarium will allow users to conduct a lot more transactions than previously and do it without any congestion that used to be typical of the Ethereum chain in the past.
Besides, transaction fees (paid in BONE tokens) will be low, transactions themselves will be fast and part of the fees will be converted into SHIB and burned. The community expects trillions of SHIB to be removed from the circulating supply within short periods of time – weekly, and some believe it will even be daily, burns.