The Shiba Inu community has recently engaged in another significant burning of SHIB coins, a move that has seen a notable uptick in the cryptocurrency’s market price.
A report from the Shibburn tracker has confirmed the commencement of this new burn phase, which has led to a substantial decrease in the number of SHIB coins in circulation, resulting in an over 12% increase in the coin’s price.
This development has generated considerable excitement and speculation among investors and market watchers alike.
During this latest event, a remarkable total of 29,199,627 SHIB coins were permanently removed from circulation.
The most substantial burn transactions included 14,943,135 and 10,006,280 SHIB coins respectively.
This aggressive reduction in supply has significantly contributed to a soaring burn rate, which surged by an impressive 1,009% compared to the previous day.
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Earlier in 2024, the SHIB team started testing a new automated coin burning mechanism on the Shibarium test network.
This innovative system makes use of accumulated gas fees, converting a part of transaction fees paid in BONE tokens into SHIB, which are then sent to burn wallets, thus removing them from circulation permanently.
This approach aims to establish a steady and automated method to support the coin’s value sustainably.
As these developments unfold, the community remains highly attentive to the timing and impact of future burns.
Key figures like marketing officer Lucie and the creator, Ryoshi, have emphasized the critical role of community engagement in purchase transactions to ensure the continuity of these burns.
Despite a recent dip in price following the surge, the strategic burning of SHIB is anticipated to play a pivotal role in its pricing strategy and market positioning moving forward.
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