Shiba Inu Burns Soar 300%: Will SHIB Kill Another Zero?

• Data from ShibBurn Wallet Trucker, SHIB’s burn rate has rocketed by a staggering 300 % in the last 24 hours.
• With the overall volume of burned tokens being a modest 899,940 SHIB from four transactions, speculations of a potential bull run have been ignited.

The Shiba Inu community is buzzing with excitement after a report from Shib Burn Wallet Trucker, which monitors Shiba Inu burn transactions from Etherscan and displays it on its website, revealed that the SHIB burn rate has surged by a mind-boggling 300% in the last 24 hours. 

Excitingly, the overall  SHIB burnt volume totaled 899,940 SHIB in 4 transactions. Notably, this significant event happened amidst SHIB’s recovery, which had experienced almost a 9% drop in the last week. 

At the time of writing  SHIB is changing hands with $0.00001727 marking a 4.26% surge in the past week leading to a $10.17B market cap.

Reminiscing, early this month, Shiba Inu, despite the volatile market conditions, did not deter the token from reducing SHIB tokens from circulation. In a significant event, Shiba Inu recorded over a 400% increment in the burn rate over a period of one week, burning not less than 10.92 million tokens.

Shiba Inu Innovative Burning Mechanism

On the contrary, Shiba Inu’s Layer-2 blockchain, Shibarium has helped build on this bullish sentiment, despite transaction fees rising from 19.31 BONE to 40.14 BONE, Shibarium has experienced a 23% increase in new users. Additionally, as earlier reported on CNF, Shibarium experienced a 450% surge in new accounts. 

It’s worth noting, according to the Shibarium team, that the increment of transaction fees is a strategic move where a portion of these gas fees is set aside by the team to be used later for purchasing Shiba Inu tokens and then burning them.

This innovative mechanism, envisioned by the enigmatic founder Ryoshi and launched by lead developer Shytoshi Kusama, is designed to reduce the circulating supply of SHIB and potentially drive up its price.

Also, succeeding in the surge in new users, Shibarium has recorded an increase in activity. The number of transactions has surged to 4,319 daily, marking a 35.6% increase.

This increase in activity suggests that new users may join to either explore the platform or hold BONE and SHIB tokens, thereby boosting the overall network. As speculations continue to heighten on what the cause of the renewed interest in Shibarium could be, the layer-2 token is having a ripple effect on the overall Shiba Inu ecosystem.  

Also, agreeing with mysterious founder Ryoshi and pseudonymous lead developer, Shytoshi Kusama’s concept, if Shibarium attracts more users, and partners, for instance, K9 and dApp builders, its activity will rise, leading to a significant increase in Shiba Inu burns.