Shiba Inu prices are starting to recover after a recent drop, with one of its main metrics seeing an impressive spike, with the Shiba Inu community successfully increasing its SHIB burn rate over the past 24 hours, according to the Shibburn wallet tracker (which tracks Shiba Inu burn transactions on Etherscan and then publishes the details on its separate website).
The sharp rise came as SHIB prices began to recover after falling nearly 9% earlier this week. SHIB Burn Jumps Higher The aforementioned data source shows that the SHIB destruction rate has jumped by about 300% in the past 24 hours. But the number of SHIB coins destroyed that triggered this sharp increase was less than 1 million - just 899,940 SHIB.
There have been only four transactions so far, the largest of which contains almost all of the SHIB coins mentioned above - 749,807.
As previously reported, Shibarium, Shiba Inu’s second-layer solution, continues to attract new users every day, with the number of new accounts on the aforementioned blockchain built by the SHIB team growing by 23%, from 489 to 602. This substantial growth occurred despite the team raising Shibarium’s transaction fees — fees soared from 19.31 BONE to 40.14 BONE.
Curiously, a portion of these gas fees are set aside by the team to later be used to purchase Shiba Inu tokens, which are then destroyed. The SHIB team has repeatedly stated on social media that a higher destruction rate will only be possible once Shibarium utility begins to rise significantly.
According to the Shibarium concept proposed by mysterious founder Ryoshi and subsequently led by a developer going by the pseudonym Shytoshi Kusama, the more new users, partners, and dapp builders Shibarium integrates, the greater its utility will be, leading to more Shibas being burned.
SHIB Price Approaches $0.00002 Meanwhile, the price of SHIB, the second-largest canine-themed cryptocurrency, is up 6.46% today after falling by about 9% on Tuesday. However, the current price gains have been muted as the meme coin has fallen, down 2.45%. At the time of writing, SHIB is trading at $0.00001922
