The Shiba Inu community has recently engaged in another significant burning of SHIB coins, which has corresponded with a marked increase in the coin’s market price. A recent update from Shibburn tracker highlighted the initiation of this new burn phase, resulting in a significant reduction of SHIB coins in circulation and a surge in the coin’s price by over 12%. This activity has sparked noticeable excitement and speculation among investors and market watchers.
Details of the Recent SHIB Burn
In the latest burning event, a staggering total of 29,199,627 SHIB coins were permanently removed from circulation. Notably, the largest burn transactions today included 14,943,135 and 10,006,280 SHIB coins. This aggressive reduction in supply contributed to a skyrocketing burn rate, which increased by an impressive 1,009% from the previous day.
Technological Advancements in Coin Burning
Earlier in 2024, the SHIB team began experimenting with a new method for automatically burning coins on the Shibarium test network. This system utilizes accumulated gas fees, where transaction fees paid in BONE tokens are partly converted into SHIB and sent to burn wallets, effectively removing them from availability. This method aims to provide a consistent and automated burn mechanism to support the coin’s value over time.
Insights and Future Actions
- The current increase in SHIB’s price could leverage investor confidence in the ongoing burn initiatives.
- Automatic burning may become a crucial strategy in managing the coin’s inflation and supply issues.
- Community engagement in purchase transactions plays a pivotal role in the frequency and volume of burns.
As these developments unfold, the community remains keenly observant of the timing and impact of future burns. Marketing officer Lucie and creator Ryoshi have both emphasized the importance of community participation in purchase transactions to facilitate ongoing burns. Despite a recent pullback in price after the surge, these burning mechanisms are expected to play a key role in SHIB’s pricing strategy and market positioning moving forward.