The Shiba Inu (SHIB) token is one of the prominent meme tokens in the crypto market today, having a community of over 3.6 million followers. Liked by many and aiming to be more than just a meme token, the SHIB army committed to a burn mechanism in which they’d have to burn some SHIB tokens to reduce its massive supply.

The latest burn, which happened earlier today, is massive compared to the recent SHIB burns. According to data from the SHIB burn tracking site, Shibburn.com, a total of 37,400,646 SHIB have been burned in the last 24 hours, accounting for a surge in burn rate of 1,395.89%. 

The More SHIB Burned, The Higher The Token’s Value?

The SHIB token burn has been a thing that has been going on for a while now, and though every burn doesn’t result in a spike in SHIB’s price, with some burns comes a price movement. 

This latest burn resulted in an upside in SHIB of nearly 5%. The price of SHIB between the happening of the SHIB burn had some notable gaps. SHIB was trading at a price of $0.00000832 before the burn and then spiked to nearly 0.00000900 after the burn. 

Though the total SHIB burned today wasn’t anywhere near the figure burned at the end of last year and the beginning of this year, it is still a notable spike from the total of 2.5 million SHIB burned the day before. The previous burn didn’t result in any significant price movement on the SHIB price chart. 

Overall, with more SHIB burned over time and more demand than supply, SHIB’s value could appreciate more than expected. Besides, the SHIB price chart shows liquidity at higher highs which need to be taken sooner or later. 

Details On The Latest SHIB Burn

The latest burned SHIB happens to be done with two separate transactions, both with the same aim but different amounts. The first transaction of the SHiB burned was done at 1:26 AM UTC. 

According to data from Etherscan, we saw the first transaction send a total of 16.7 million SHIB tokens to the burn address. The address which sent the SHIB burned currently holds no SHIB but only about 125 BONE.

The second transaction, on the other hand, executed at exactly 3:57 AM UTC, burned a total of 14.9 million SHIB tokens. The address which imitated the transaction currently holds only 0.01 SHIB, according to Etherscan data.

While this latest burn means the SHIB army is maintaining its commitment to burning SHIB, another point indicating the community’s seriousness of burning SHIB is the recent Shibarium update. 

Though the Shibarium layer 2 blockchain is yet to launch, the official Twitter page announced on Saturday a burn mechanism will be introduced. This burn mechanism will be to burn SHIB tokens with each on-chain transaction executed on the Shibarium blockchain. 

SHIB price is moving sideways on the 4-hour chart. Source: SHIB/USDT on TradingView.com

As of writing, SHIB is enjoying a rally to the upside alongside the majority of the crypto market. The token is up by 5% in the last 24 hours with a market price of 0.00000877 and a total circulating supply of roughly 562 trillion SHIB tokens.

Featured image from freepiks, chart from TradingView.com

Source: NewsBTC.com

The post Shiba Inu Burn Rate Surges Over 1,300% In 24 Hours appeared first on Crypto Breaking News.

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Filed under: News - @ January 9, 2023 9:30 am