The popular meme cryptocurrency Shiba Inu (SHIB) has recently seen a price increase due to a massive token burn. On Friday, December 22, 2023, SHIB recorded another severe burn at Shibarium. Over 8.4 billion SHIB tokens were destroyed in this transaction, which is the fourth burn conducted by Shibarium. Shiba Inu price increases are expected to be boosted due to the latest update.
Latest SHIB Overview Burn On Shibarium
According to Shibburn, in the latest SHIB destruction transaction, 8.47 billion tokens were found to be transferred from the unknown wallet 0xc7d.. to the dead wallet. However, considering the large-scale destruction on the last day, the SHIB destruction rate dropped by 1.12%.
The latest burn marks the fourth time Shibarium has used large gas fees to suppress the circulating supply of SHIB. As Coingape reported earlier, 8.53 billion SHIB tokens were destroyed through Shibarium, worth about $90,000. This burn caused the SHIB burn rate to surge to 161,540.53%. The surge in the burn rate is expected to drive Shiba Inu prices further up.
In addition, similar destructions occurred on December 4 and December 16, destroying 8.24 billion and 8.61 billion tokens respectively. In just 19 days, the total amount of SHIB destroyed by Shibarium reached 33.85 billion US dollars. So far, 410.69 trillion SHIB tokens have been destroyed.
The recent increase in SHIB destruction is consistent with other developments at Shibarium. The platform has seen a recent surge in trading volume, with daily transaction volume exceeding the 7 million mark. In addition, the total transaction volume reached 168.48 million.
Shiba Inu prices rise
As of this writing, the SHIB price is $0.0000107, having gained 2.64% on Saturday, December 23. Moreover, the Shiba Inu’s market capitalization increased by 2.65% to $6.3 billion. Furthermore, the dog-themed cryptocurrency’s 24-hour trading volume surged 30.42% to $254.55 million.
Over the past seven days, SHIB’s value has risen by nearly 9% amid several volatile sessions. Meanwhile, Doge-killer’s 1-month gain is over 31%, helped by the recent massive SHIB destruction at Shibarium.
