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Shiba Burn Fulfilled! Recently, Shiba Inu (SHIB) has been experiencing a price rally driven by major token burns. SHIB encountered a significant token burning event recorded on Shibarium on Friday, December 22, 2023. During this process, 8.4 billion SHIB tokens were burned, marking the fourth recorded token burning transaction on Shibarium. Shiba Inu’s price rally is expected to gain momentum due to the most recent update.
According to the last SHIB token burning transaction, it has been determined that 8.47 billion tokens were transferred from an unknown wallet (0xc7d..) to a dead wallet. However, considering major token burns in recent days, the SHIB token burn rate had decreased by 1.12%. The latest burning event marks the fourth incident carried out with the purpose of reducing the circulating supply of SHIB by using a significant portion of Shibarium’s transaction fees.
Previously, 8.53 billion SHIB tokens were burned via Shibarium, worth approximately $90,000. This burn increased the SHIB token burn rate to 161,540.53%. The increase in burning rate is expected to add momentum to the Shiba Inu price rally.
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In addition, similar token burns took place on December 4 and December 16; 8.24 billion and 8.61 billion tokens were respectively burned. In just 19 days, the total of Shibarium-supported SHIB token burns astonishingly found 33.85 billion tokens. So far, a total of 410.69 trillion SHIB tokens have been burned.
The recent increase in SHIB token burns combined with other developments on Shibarium. The platform experienced a transaction explosion as the daily transactions recently hit a boundary of 7 million. Also, the total transactions reached 168.48 million. Shiba burn was carried out by the team!
Shiba Inu’s Price Gain
As of the writing, the SHIB price, gaining 2.64% in value on Saturday, December 23, was recorded as $0.0000108. Furthermore, Shiba Inu’s market value increased by 2.65% reaching $6.3 billion. Also, the 24-hour trading volume for the dog-themed crypto increased by 30.42% reaching $254.55 million.
SHIB gained about 9% in value in several volatile sessions in the last seven days. Meanwhile, the one-month gain of Doge killer exceeded 33%, backed by recent large SHIB token burns through Shibarium.
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