The burn rate of the second-largest meme cryptocurrency has increased significantly, and has risen along with the price of SHIB, according to data shared to the public by the popular Shibburn tracker. SHIB Price Soars As Tokens Are Burned Shibburn spread the word that SHIB's burn rate has surged by a staggering 1,088% since yesterday morning. This is the first time the burn rate has entered the green zone since the beginning of the week. Despite the impressive surge in this key metric, the number of meme coins destroyed by the loyal SHIB community is not huge, as slightly less than 100,000 SHIB meme coins are contained. However, the number of tokens being destroyed is a significant increase compared to Monday, when the SHIB army saw less than 20,000 Shiba Inu tokens burned in the virtual furnace of the inoperable wallet.
Overall, a total of 410,727,964,022,502 SHIBs have been destroyed since the destruction began a few years ago. In 2021, the mysterious SHIB creator Ryoshi gave half of the total SHIB supply as a gift to Ethereum co-founder Vitalik Buterin, and almost all of this huge reserve was sent to an unusable blockchain address. According to recent statements by the outstanding Canadian programmer, he did not believe in the potential of SHIB at the time. Moreover, as one of the largest holders of SHIB, he did not want to be accused of manipulating its price. In the past 24 hours, the price of Shibarium has risen sharply, up by nearly 6% - from $0.00001307 to the current $0.00001385. At the same time as such a sharp increase in price, Shibarium's transaction volume finally broke a new high of 418 million transactions.
A new era of SHIB burns begins In early August, the SHIB team finally launched a new burn mechanism for its tokens, which was originally announced in January. The mechanism will allow SHIB to be automatically burned on Shibarium, when part of the gas fee (80%) will be automatically converted from BONE to Shiba Inu and transferred to the dead end wallet. In November-December 2023 and January 2024, the SHIB team conducted several large-scale token burns using their previously reserved gas fees, destroying billions of Shiba Inus.
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