The second largest meme cryptocurrency, SHIB, printed a staggering green candle on an hourly chart earlier today, pushing the price up by 3.34%. This coincided with an increase in the burn rate, however, this rise was not that big.
SHIB price breaks out; SHIB burns rise modestly
According to data published by the Shibburn cryptocurrency tracker, within the last 24 hours, the burn rate of Shiba Inu has increased by a modest 31.09%. This rise was provoked by 2,622,068 SHIB meme coins burned since yesterday morning.
There have been two burn transactions so far – 2,122,068 and 500,000 Shiba Inu.
Two days ago, the SHIB burn rate jumped 282.21% on account of 6,643,089 SHIB coins transferred to unspendable blockchain wallets in seven transactions. Overall, SHIB burning has been proceeding quite passively as of late, with the SHIB burn rate often going deep in the red zone and staying there for multiple days.
By now, the above-mentioned price surge has reversed. After several hourly candles printed by SHIB, including one big green and big red ones, the price has gone down by 2.25%. At the time of this writing, popular meme cryptocurrency SHIB is changing hands at $0.00000916, as it has failed to burn a zero once again.
SHIB team clarifies new Shibarium burn mechanism
Over the weekend, the admin of the Telegram channel, dubbed “Shibarium Tech,” RagnarShiba, took to the Twitter/X social media platform to clarify the situation with the “New Era” in SHIB burns.
Since early December, a blog post from the SHIB team stated that, in January, SHIB burns will be transitioned to an automated mode from the manual one. Many within the Shiba Inu army began to expect a staggering rise in SHIB burns made by the Shiba Inu team via Shibarium.
RagnarShiba pointed out that the “New Era” in burns and automated burns are being tested on Puppynet now (the Shibarium testnet), and as soon as they are good to go, they will be implemented on the mainnet as well - but not just yet.
Overall, Shibarium has registered a massive 621% surge in new account activity within the last 24 hours, along with the number of connected wallets and the total transaction count.