Recent data from the Shibburn tracker reveals a substantial increase in the burning of SHIB meme coins by the Shiba Inu community. The burn rate has surged over 1,000% since yesterday, with a total of 29,199,627 SHIB tokens taken out of circulation. Notably, the two largest burn transfers involved 14,943,135 and 10,006,280 Shiba Inu coins.

Image via Shibburn

Previously, there was a 616% increase in the burn rate reported on Friday, showcasing the community's continued efforts to reduce the supply of SHIB tokens.

As of the start of 2024, the SHIB team initiated trials for an automated burning mechanism on the Shibarium testnet. This led to the burning of billions of SHIB tokens through gas fees savings. Transaction fees on Shibarium are paid in BONE, with a portion converted to SHIB and sent to unspendable wallets.

Despite the lack of updates on the automated burn mechanism, community members are questioning when burning will resume. The marketing lead, Lucie, has stated that the SHIB founder, Ryoshi, burned his burn keys, emphasizing the need for community participation in purchasing meme coins for burning.

Remarkable Surge in SHIB Price

In the past 24 hours, the price of SHIB has witnessed a significant increase, exceeding 12% and reaching $0.00002550. This surge was partially driven by the listing of SHIB on Kraken Pro, a major U.S.-based crypto exchange, which added new margin pairs, including SHIB and PEPE meme coins.