Shiba Inu (SHIB) has experienced an increase in its burn rate, with recent data from the Shibburn tracker showing a 1,088% surge in token burns.
Shiba Inu (SHIB) price has seen a significant rise in the last 24 hours, continuing a trend that began earlier this week. The meme coin price is up nearly 6% and trades at $0.00001385 at the time of writing.
This price increase comes as SHIB burns have also seen a massive uptick. According to data from the Shibburn tracker, nearly 100,000 SHIB tokens were burned in the last 24 hours. This marks a 1,088% increase in the burn rate compared to the previous day.
The increase in burns began on Monday, with less than 20,000 tokens destroyed. However, this number escalated quickly, reaching nearly 100,000 tokens by Tuesday.
The surge in SHIB burns is likely linked to the introduction of a new automated burn mechanism on the Shibarium platform. This mechanism redirects a portion of gas fees into burns, aiming to reduce the circulating supply of SHIB tokens.
Moreover, the relationship between the heightened burn rate and the SHIB price suggests a positive market reaction to supply reduction strategies. Concurrently, the Shibarium blockchain has reached a new all-time high of 418 million transactions, which could be sparking further investor interest in Shiba Inu.
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