- Summary:
- The increase in SHIB burns began on Monday, destroying less than 20,000 tokens and escalating to almost 100,000 tokens by Tuesday
The increase in SHIB burns began on Monday, destroying less than 20,000 tokens and escalating to almost 100,000 tokens by Tuesday. This move marked a shift in burn activity corresponding to the introduction of a new automated burn mechanism on the Shibarium platform, which redirects a portion of gas fees into burns. SHIB’s burn rate rallied 1,088% and boosted the token’s price by price by almost 6%.
The increased burn rate and the SHIBUSD price relationship signal a positive market reaction to supply reduction strategies. At the same time, the Shibarium blockchain has hit a new record high of 418 million transactions, attracting investors’ interest in Shiba Inu.
The current trading price of $0.0000142 indicates an increase from its lowest levels this year, driven by the broader market trends and burn mechanism. The bullish scenario depends on the demand for SHIB as it approaches critical technical milestones.
Shiba Inu daily price chart for Thursday, 22 August 2024.
In recent developments, Shiba Inu’s lead developer, Shytoshi Kusama, has reiterated his commitment to maintaining anonymity, doubling down on the project’s community-driven nature. Kusama’s position on anonymity aligns with the ethos of decentralized community involvement that Shiba Inu promotes. His leadership focuses on developing the blockchain and improving the token’s utility to strengthen the project’s market position.