Burns on the Shiba Inu side have always been the focus of investors‘ interest. Believing that prices will rise one day due to the burns, investors continuously follow these data.
Shiba Coin Burns
Shibburn tracker recently shared that the Shiba Inu community initiated a new burning process, and it seemed that a notable portion of SHIB meme coins were being burned.
On the other hand, during this process, the SHIB price also saw an increase of over 12%. Following these, the SHIB burn rate also skyrocketed over 1,000%.
According to data shared by SHIB Burn, the increase in the SHIB burn rate from yesterday morning to now reached an incredible figure of 1,009%.
During this process, a total of 29,199,627 SHIB coins were completely removed from circulation. The largest two burns today consisted of transactions containing 14,943,135 and 10,006,280 Shiba Inus.
Shiba Coin Comments and Burn Innovations
At the beginning of 2024, as a major leap, the SHIB team announced the start of trials for a new system for the automatic burning of SHIB tokens on the Shibarium test network. While doing this, developers burned tens of billions of SHIBs linked to accumulated gas fees.
It is known that transaction fees in Shibarium are paid in BONE. Later, some of these BONEs are converted to SHIB and sent to irreversible wallets.
After this process, no further news was received about the automatic burning mechanism, and it went silent. It seems that the SHIB community continues to eagerly question when developers will start burning again at certain intervals.
Lucie, the team’s official marketing officer and a well-known figure, recently responded to these requests by pointing to SHIB’s creator, Ryoshi.
Ryoshi, known for burning the burn keys, stated that purchase transactions must occur first for meme coins to be burned, inviting the community to participate in this process.
During this time, a drop in SHIB’s price was observed. The market‘s second-largest meme coin by volume, Shiba Inu, sharply pulled back after a rise in the last 24 hours. The price at the time of writing stands at $0.00002459, having surpassed the $0.000025 region earlier in the day.
SHIB/TRY pair analysis shows that the Shiba Inu price is at 0.0007957 TL.
