At Shiba Inu Token (SHIB) is one of the famous meme tokens in the crypto market today, it has a community more than 3.6 million followers. Loved by many and aiming to be more than just a meme token, the SHIB army is committed to a combustion mechanism where a number of SHIB tokens must be burned to reduce the large supply.
The most recent fire, which occurred earlier today, is much larger compared to the recent SHIB fire. According to data from the fire tracking site SHIB, Shibburn.coma total of 37,400,646 SHIBs have been burned in the last 24 hours, resulting in a burn rate increase of 1,395.89%.
The more SHIB you burn, the higher the value of the Token?
SHIB token burning has been a thing for a long time, and although not every burn causes a spike in SHIB price, with some burns there is price movement.
This latest burn has resulted in a nearly 5% increase in SHIB. SHIB prices between SHIB combustion events have some significant gaps. SHIB was trading at $0.00000832 before the burn and then increased to almost 0.00000900 after the burn.
Although the total number of SHIBs burned today is nowhere near the number burned at the end of last year and early this year, it is still a significant jump from the total of 2.5 million SHIBs burned the previous day. The previous burn did not cause a significant price movement in the SHIB history graph.
Overall, with more SHIBs being burned over time and demand outpacing supply, the value of SHIBs can be more than expected. In addition, the SHIB price chart shows liquidity at a higher height that will have to be done sooner or later.
Details On The Latest SHIB Burn
Most recently burned SHIB occur with two separate transactions, with the same purpose but different amounts. The first transaction of the burned SHiB took place at 1:26 AM UTC.
According to data from Etherscan, we saw the first transaction sending a total of 16.7 million SHIB tokens to the burn address. The address that sent the SHIB burned now has no SHIB but only 125 BONE.
The second transaction, on the other hand, was executed at exactly 3:57 AM UTC, burning a total of 14.9 million SHIB tokens. Addresses that mimic transactions are currently worth just 0.01 SHIB, according to Etherscan data.
While this latest burn means that the SHIB army remains committed to burning SHIB, another point that shows the seriousness of the SHIB burning community is the recent Shibarium update.
Although Shibarium’s layer 2 blockchain has not yet been launched, its official Twitter page announced its presence the burning mechanism will be introduced. This burning mechanism will burn SHIB tokens with every on-chain transaction performed on the Shibarium blockchain.
At the time of writing, SHIB is enjoying a rally to the upside along with the majority of crypto markets. The token is up 5% in the last 24 hours with a market price of 0.00000877 and a total circulating supply of approximately 562 trillion SHIB tokens.
Option image from freepiks, chart from TradingView.com