Shiba Inu is one of the big meme coins that have marginally appreciated in price after the recent huge burn activity from the community. In the last 24 hours, Shiba Inu token price surges as SHIB holders collectively burned over 11 million coins by transferring them to spend less wallets. The burn rate moved upwards several hundred percent to spark hopes that it would rally higher in the future.
The Shiba Inu community, immediately after the update, became ecstatic over social media because they work in tandem with each other to greatly decrease the supply of circulating Shiba Inu coins.
SHIB Burn Rate Explodes 340%
Fresh data from Shibburn, a specialized Shiba Inu burn tracking service, shows that the SHIB burn rate increased by as much as 340.27% after exactly 11,080,178 SHIB tokens were removed from circulation. Resulting in Shiba Inu token price surges. These coins were destroyed across seven transactions, with the most significant one burning 10,007,448 tokens about 9 hours ago from the time of this writing.
The other six transactions burned 258,204, 164,524, 250,000, 250,000, 150,000, and 45,839, respectively. While this is scant in amount from the circulating supply, the continuity involved herein depicts the commitment of community members toward giving value to their favorite coin. The Shiba Inu community has also burned almost 410.7 trillion SHIB tokens, while 583 trillion are in circulation. As is often the case, the concept of token burning lies in the idea of value increase due to scarcity once demand overtakes supply.
Decline in Shibarium Transactions
Meanwhile, activities on Shibariumscan, the Shiba Inu layer-2 blockchain solution, have kept a decline over the past month. From a peak as high as 28,600 transactions on Aug 20, the total daily transactions at the time of writing was 3,810.
Gospel is that the transactions on Shibarium have a direct consequence on the SHIB token burn. Part of the Gas Fees paid on Shibarium in BONE will go right to burn after they have been converted into SHIB.
As such, recall that in November and December 2023, the Shiba Inu team had burned billions of tokens following the update about the layer-2 blockchain, continuing into January 2024. So Shiba Inu token price surges. The burn update came with a significant increase in the price of SHIB. According to CoinMarketCap data, SHIB was up 1.46% at this press time, trading at $0.00001359. However, the trading volume over the last day went down by 6.46% and sits at $127.3 million.
