The burning of Shiba Inu coins has always been a subject of interest for investors, who hope that prices will go up as a result of these burns. Investors closely monitor the data related to the burns.

Shiba Coin Burns

Recently, the Shibburn tracker reported that the Shiba Inu community had started a new burning phase, leading to a significant number of SHIB meme coins being burned. As a result of this process, the SHIB price surged by more than 12%, accompanied by a drastic increase of over 1,000% in the SHIB burn rate.

According to SHIB Burn data, the SHIB burn rate soared by 1,009% from yesterday morning up to now, with a total of 29,199,627 SHIB coins being completely removed from circulation. The two largest burns of the day involved transactions of 14,943,135 and 10,006,280 Shiba Inus.

Shiba Coin Comments and Burn Innovations

At the beginning of 2024, the SHIB team announced the commencement of trials for a new system for the automatic burning of SHIB tokens on the Shibarium test network. During this initiative, developers burned billions of SHIBs related to gas fees. The fees on Shibarium are paid in BONE, with some of these BONE tokens converted to SHIB and sent to irreversible wallets.

There has been no further update on the automatic burning mechanism since then, and there is a sense of anticipation in the SHIB community regarding when developers will resume burning at scheduled intervals. Lucie, the team's official marketing officer, recently alluded to SHIB creator Ryoshi's role in the process.

Ryoshi, known for burning the burn keys, emphasized the need for purchase transactions to take place first for meme coins to be burned, urging the community to actively participate in this procedure. As a result, a decline in SHIB's price was observed, with the price currently standing at $0.00002459 after surpassing the $0.000025 mark earlier in the day.

The SHIB/TRY pair analysis indicates that the Shiba Inu price is 0.0007957 TL.