Data recently shared by the Shibburn tracker shows that overnight the Shiba Inu community managed to burn an even bigger SHIB meme coin. At the same time, the coin’s price increased by more than 12%, showing a significant increase.

SHIB combustion spike greater than 1,000%

The aforementioned data platform shared that since yesterday morning, the overall increase in SHIB burn rates has accounted for a staggering 1,009%. A total of 29,199,627 SHIB meme coins were taken out of circulation.

The two largest burn transfers included 14,943,135 and 10,006,280 Shiba Inu dogs.

The burn rate increase reached 616% on Friday, U.Today reported.

As 2024 begins, the SHIB team has begun testing a new automated mechanism for writing SHIB tokens on the Shibarium testnet. In the meantime, developers have consumed tens of billions of SHIB thanks to saved gas money. Transaction fees on Shibarium are paid in BONE, a portion of which is converted to SHIB and transferred to a wallet that is permanently unavailable.

Currently, there is no news about automatic writing mechanisms, so members of the SHIB community sometimes start asking when developers will resume writing. Lucy, the team’s official head of marketing, recently responded to these demands by quoting SHIB founder Ryoshi. He emphasized the need to buy meme coins before burning burn keys and burning meme coins, and urged the community to show more activity in this regard.

SHIB prices skyrocketed overnight

Shiba Inu, the second largest meme coin, has shown impressive growth within the past 24 hours. In an unexpected development, her price has soared more than 12% to date, reaching a price level of $0.00002550.

One of the triggers driving this massive rally was SHIB’s initial public offering by prominent US-based cryptocurrency exchange Kraken Pro. The company has added several new margin pairs, including one based on the SHIB, PEPE meme coin.

About the author

Yuri Molchan

Yuri is interested in technology and innovation. He has been writing about his DLT and cryptocurrencies since 2017. He believes blockchain and cryptocurrencies have the potential to change the world in the future in many aspects. He has contributed to multiple crypto media. His articles have been cited by crypto influencers such as Tyler Winklevoss, John McAfee, CZ Binance, and Max Kaiser.