Recent data from Shibburn reveals a dramatic increase in the burn rate of Shiba Inu (SHIB). Over the past 24 hours, the burn rate has skyrocketed by 1,088%, marking the first significant rise in the burn rate this week.

Price Surge and Increased Burns

The price of SHIB has also surged, climbing nearly 6% from $0.00001307 to $0.00001385. As the price rises, so does the burn rate. Despite this impressive increase, the total amount of SHIB tokens burned remains relatively modest. The SHIB community has incinerated just under 100,000 tokens, a significant leap from Monday when fewer than 20,000 tokens were burned.

_{Source: Shibburn}

To date, the total number of SHIB tokens burned stands at 410,727,964,022,502. Most of these tokens were sent to a dead wallet by Ethereum co-founder Vitalik Buterin in 2021. 

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This action followed the mysterious SHIB creator Ryoshi’s decision to gift Buterin half of the quadrillion SHIB supply. Buterin, not convinced of SHIB’s potential at the time, chose to burn these tokens to avoid any accusations of price manipulation.

New Burn Mechanism

In August, the SHIB team introduced a new burn mechanism for SHIB tokens. This mechanism, initially announced in January, automates the burning process on Shibarium. It converts 80% of the gas fees from BONE into SHIB and transfers these tokens to dead wallets. The SHIB team has utilized this mechanism to burn several billion tokens in late 2023 and early 2024.

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Shibarium has also achieved a new milestone, surpassing 418 million transactions. This record highlights the growing adoption and utilization of the Shibarium network.

Overall, the combination of increased burns and rising prices signifies a new era for SHIB, reflecting the community’s growing engagement and the effectiveness of the new burn mechanisms.