SHIB Burns Explode 1,088% as Price Breaks Out

According to the data shared with the public by the popular Shibburn tracker, the burn rate of the second largest meme cryptocurrency has gone up significantly, rising together with the SHIB price.

SHIB price soars along with token burns

Shibburn spread the word about the burn rate of SHIB soaring by a staggering 1,088% since yesterday morning. This is the first time the burns have entered the green zone since the start of the week. Still, despite the impressive surge in this key metric, the amount of meme coins incinerated by the loyal SHIB community was not major, as it comprised slightly less than 100,000 SHIB meme coins.

Yet, compared to Monday, the increase in the number of destroyed coins has been huge as, on Monday, the SHIB army saw less than 20,000 Shiba Inu tokens scorched in the virtual furnace of unspendable wallets.

Overall, since these burns started a few years ago, there have been 410,727,964,022,502 SHIB burned in total. Almost all of that tremendous stash was sent to an unspendable blockchain address by Ethereum cofounder Vitalik Buterin in 2021 after the mysterious SHIB creator, Ryoshi, sent him half of the quadrillion SHIB supply as a present.

The outstanding Canadian programmer, according to his recent statement, did not believe back then in the potential of SHIB. Besides, he did not want to be accused of manipulating its price as one of its biggest holders.

Over the last 24 hours, the Shiba Inu price has seen a massive increase, rising by almost 6% - from $0.00001307 to the $0.00001385 price level, where it is trading now. While the price has shown this large increase, Shibarium has finally surpassed a new ATH of 418 million transactions.

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New era of SHIB burns kicks off

At the start of August, the SHIB team finally rolled out the new burn mechanism for its tokens, which was initially announced in January. This mechanism will allow for automated SHIB burns on Shibarium when part of the gas fee (80% of it) will be automatically converted from BONE into Shiba Inu and transferred to dead-end wallets.

In November-December 2023 and January 2024, the SHIB team made several tremendous token burns, destroying several billion Shiba Inu, using the gas fees they had set aside earlier.