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The great growth of Shiba Inu burn has coincided with a 12% increase in Shiba Inu. Shiba is on the rise again after a period of decline.
Data shared by the Shibburn tracker recently revealed that overnight, the Shiba Inu community managed to burn another large chunk of SHIB meme coins. At the same time, the price of the coin experienced a huge increase with an increase of more than 12%.
The aforementioned data platform shared that as of last morning, the overall increase in SHIB’s burn rate was 1,009 percent. A total of 29,199,627 SHIB meme coins are out of circulation.
The biggest burn transfers this time included 14943135 and 10006280 Shiba Inu.
According to Pooyan Music website, the jump in burn rate was 616%. Beginning in 2024, the SHIB team began testing a new automated mechanism for burning SHIB tokens on the Shibarium testnet. While doing so, the developers burned several tens of billions of SHIB thanks to the savings in gas costs. Transaction fees in Shibarium are paid in BONE and then a part of it is converted to SHIB. They are then sent to unusable wallets forever.
Now, since there is no news about the automatic burning mechanism. From time to time members of the SHIB community start asking when the developers will start burning again. The team’s official marketing manager, Lucy, recently responded to these demands by citing SHIB founder Ryoshi. He burned his keys. He emphasized that meme coins should be bought before burning them. Therefore, he asked the community to show more activity in this field.
The second largest Mime coin, Shiba Inu, has seen significant growth in the past 24 hours. In an unexpected development, the price has so far increased by more than 12% and reached the price level of $0.00002550.
One of the drivers behind this massive increase was a new listing of SHIB by leading US-based crypto exchange Kraken Pro. An exchange that has added several new currency pairs, including SHIB-based pairs, PEPE, Mimcoins.
