Shiba Inu Team Burns a Massive Amount of SHIB Tokens! Will SHIB Price Rise?

• On December 22, 2023, SHIB witnessed another significant burning transaction recorded through Shibarium. During this transaction, 8.4 billion SHIB tokens were burned.
• According to the latest SHIB burning transaction, it was observed that 8.47 billion tokens were transferred from an unknown wallet (0xc7d..) to a dead wallet.
• As previously reported by COINOTAG, 8.53 billion SHIB tokens were burned through Shibarium, valued at approximately $90,000.

Shiba Inu (SHIB) is once again drawing attention with a recent price surge: The team’s increased token burns have excited the community!

Shiba Inu Team Executes Token Burn

Shiba Inu (SHIB) has recently experienced a price rally attributed to significant token burns. On December 22, 2023, SHIB encountered another important burning transaction recorded through Shibarium. During this transaction, 8.4 billion SHIB tokens were burned, marking the fourth burning event conducted through Shibarium. The Shiba Inu price rally is expected to receive a push due to the latest update.

In the latest SHIB burning transaction, it was identified that 8.47 billion tokens were transferred from an unknown wallet (0xc7d..) to a dead wallet. However, considering the significant recent burns in the past few days, the SHIB burning rate had decreased by 1.12%. The latest burning event signifies the fourth occasion where Shibarium conducted a burning event with the aim of reducing the circulating supply of SHIB, utilizing a significant portion of Shibarium’s transaction fees.

As reported by COINOTAG earlier, 8.53 billion SHIB tokens were burned through Shibarium, valued at approximately $90,000. This burn increased the SHIB burning rate to 161,540.53%. The expected increase in the burning rate is anticipated to provide further momentum to the Shiba Inu price rally.

Additionally, similar burns were noticed on December 4 and December 16, where 8.24 billion and 8.61 billion tokens were burned, respectively. In just 19 days, the total of Shibarium-backed SHIB burns remarkably reached 33.85 billion tokens. As of now, a total of 410.69 trillion SHIB tokens have been burned.

The recent increase in SHIB burns coincides with other developments on Shibarium. The platform experienced a surge in transactions, reaching the 7 million mark for daily transactions. Moreover, total transactions reached 168.48 million.

Shiba Inu Price Gains

As of now, the SHIB price has been recorded at $0.0000108, marking a 2.64% increase on December 23, Saturday. Additionally, Shiba Inu’s market cap increased by 2.65%, reaching $6.3 billion. Furthermore, the 24-hour trading volume for the dog-themed crypto increased by 30.42%, reaching $254.55 million.

In the last seven days, SHIB gained approximately 9% in value during several volatile sessions. Meanwhile, the one-month gain for the Doge-killer surpassed 31%, supported by the recent significant SHIB burns conducted through Shibarium.