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- The Shiba Inu community has successfully burned a large amount of SHIB meme coins, leading to a spike in the coin’s price.
- The overall increase in the SHIB burn rate has reached a staggering 1,009%, with a total of 29,199,627 SHIB meme coins removed from circulation.
- Simultaneously, the price of SHIB has soared by more than 12%, reaching the $0.00002550 price level.
Shiba Inu’s community burns a significant amount of SHIB coins, leading to a surge in price and a 1,009% increase in the burn rate. The coin’s price has also seen a 12% increase.
SHIB burns spike over 1,000%
The Shibburn data platform has reported a 1,009% increase in the SHIB burn rate since yesterday morning. A total of 29,199,627 SHIB meme coins have been removed from circulation. The two largest burn transfers contained 14,943,135 and 10,006,280 Shiba Inu coins respectively. The SHIB team has been testing a new automated mechanism for burning SHIB tokens on the Shibarium testnet, leading to the burning of several tens of billions of SHIB coins.
SHIB community demands more coin burns
With no recent news on the automated burn mechanism, members of the SHIB community have been asking when the developers will start burning coins again. The official marketing lead of the team, Lucie, responded to these demands by citing the SHIB founder Ryoshi. He emphasized that before meme coins can be burned, they must be bought, thus urging the community to be more active in this regard.
SHIB price soars overnight
The second largest meme coin, Shiba Inu, has shown impressive growth in the last 24 hours. The price has soared by more than 12%, hitting the $0.00002550 price level. This surge was triggered by a new listing of SHIB by the prominent U.S.-based crypto exchange Kraken Pro, which has added several new margin pairs, including those based on the SHIB and PEPE meme coins.
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Conclusion
The Shiba Inu community’s efforts to burn a significant amount of SHIB coins have led to a sharp increase in the coin’s price. The burn rate has spiked by over 1,000%, and the price has soared by more than 12%. This development highlights the impact of coin burns on a cryptocurrency’s value and the role of community involvement in such initiatives.
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