The popular altcoin Shiba Inu (SHIB) has shown a 7.6% increase by burning approximately 8.35 billion tokens in the past 24 hours. This increase occurred after Shiba Inu’s lead developer, Kaal Dhairya, announced the new token burning mechanism of Shibarium.
The two largest burnings in the past 24 hours were 8.24 billion and 100 million tokens, respectively. The total number of burned SHIB tokens has reached 410.67 trillion so far. Currently, there are 580.51 trillion tokens in circulation.
Kaal Dhairya emphasized the importance of token burning for the economic model of Shibarium and announced that the automatic burning process will be implemented starting from January 2024. It was stated that the manual burning process requires careful management in terms of health and sustainability.
It was stated that the adoption rate of Shibarium’s burning mechanism is at the center and contributes to the burning of more tokens in Shiba Inu transactions. It was also mentioned that the use of the token has a compound effect on burning and creates a strong ecosystem.
Despite the increase in the burning rate, Shiba Inu’s price performance did not show a positive trend. In the past 24 hours, Shiba Inu’s price decreased by 0.55% to $0.000009128, and the trading volume decreased by 1.62% to $444.83 million. Market observers predict that if positive market conditions continue, the SHIB price will rise and positive developments in token burning may result in multiple zeros being removed from the price.