SHIB Burns Skyrocket 300% – Hint At Price Burning Zero Soon?

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As a dedicated researcher who has been closely following the Shiba Inu (SHIB) ecosystem for several months now, I find it intriguing to observe the recent surge in SHIB burns and the simultaneous increase in new users on the Shibarium blockchain.

Based on the Shibburn monitor, which follows Shiba Inu burn transactions on Etherscan and shares the information on its distinct platform, the Shiba Inu community has effectively boosted the SHIB burning pace over the past 24 hours.

As an analyst, I’ve noticed a significant surge in value occurring concurrently with the SHIB price bouncing back from its nearly 9% decline experienced earlier this week.

SHIB burns jump high

Over the past 24 hours, there was a significant increase of around 300% in the SHIB tokens being burned from the mentioned data source. Yet, this surge was primarily driven by fewer than one million SHIB coins that were burned – specifically, only 899,940 SHIB tokens.

Thus far, just four transactions have occurred, with the largest one involving the transfer of approximately 749,807 SHIB tokens, accounting for the vast majority of the mentioned amount.

SHIB Burns Skyrocket 300% - Hint At Price Burning Zero Soon?

Shibarium keeps attracting new users

Recently, there’s been a steady growth in the user base for Shibarium, the layer-2 solution from Shiba Inu. The number of new accounts on this blockchain developed by the SHIB team has jumped by approximately 23%. This increase brought the total number of new accounts from 489 to 602.

Despite the Shiba Inu team raising transaction fees on Shibarium significantly, from 19.31 BONE to 40.14 BONE, there has been a substantial surge in gas fees. Interestingly, a portion of these fees is being held by the team for purchasing and subsequently burning SHIB tokens. The SHIB team consistently communicates on social media that more extensive token burns will become feasible only when the usage of Shibarium noticeably escalates.

With each new integration of users, partners, and dapp builders into Shibarium, the platform’s utility grows significantly. This expansion leads to an increased number of Shiba Inu tokens being burned, as outlined in the proposed concept from Ryoshi and subsequently developed by the anonymous team led by Shytoshi Kusama.

SHIB price approaching $0.00002

Currently, the price of the second largest canine-themed cryptocurrency SHIB has experienced a 6.46% increase. Previously, on Tuesday, it had dropped by approximately 9%. However, this uptick in price was lessened due to a subsequent 2.45% decrease.

Currently, SHIB is being traded for $0.00001918. The significant price level of $0.00002 is close at hand.

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2024-07-17 14:53