- Shiba Inu burn tracker reported over 5.2M SHIB tokens set ablaze in a day.
- Shibarium transaction surge enabled admins to burn 25B SHIB in December.
- Shiba Inu hovers below $0.00001 key support with slight gains this Friday.
Shiba Inu (SHIB) is witnessing another outbreak of burning transactions on the first Friday of 2024. According to the official burning tracker, the SHIB burn rate mounted by 2274% after 5,203,527 SHIB tokens were sent to the eternal fire in 28 separate transactions.
While the biggest burn transaction over the last 24 hours is 2M SHIB, the overall burning activity now accounts for 410.69T SHIB tokens eliminated from circulation. Shiba Inu’s burning has often been the talk of the crypto town, as multiple SHIB holders expect to see an automatic burning system on Shiba Inu’s new Layer-2 chain.
Auto SHIB Burns Coming Up Next?
While Shiba Inu’s yearly burn turnaround in 2023 was 8.33% less than the same metric in 2022, the developers of Shibarium have announced that 2024 will finally see the Shiba Inu automatic burning mechanism in action. Ultimately, this means that every transfer on Shibarium’s public chain will burn a certain amount of the canine cryptocurrency.
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Shibarium developers conducted three on-chain burns in December to showcase the accelerated burning mechanism. Collectively burning over 25 billion Shiba Inu coins, the cumulative trading fee burn was deemed a success due to an instant spike in Shiba Inu’s price, which resulted in a new half-year high of $0.00001162 on December 17, 2023.
However, today’s 2,274% increase in daily SHIB burns didn’t have a visible impact on SHIB’s price. Picking up slight gains of 2.36% in the last 24 hours, the coin is yet to jump back above the critical barrier of $0.000001. Having kept above this fundamental support level for most of December, SHIB slid back to $0.00000933 after the Bitcoin ETF refusal gossip kicked in across social media.
On the Flipside
- Slated for January 2024, the Shiba Inu automatic burning mechanism on Shibarium L2 doesn’t have an exact launch date.
- Some SHIB Army members argue that Shibarium burns should be done in the billions per day to positively impact price.
Why This Matters
Cryptocurrency burning is an effective way to reduce a coin’s supply and maintain its market value.
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