According to the Shibburn wallet tracker, which monitors Shiba Inu burn transactions on Etherscan and then publishes the details on its website, the SHIB community has significantly increased the SHIB burn rate in the last 24 hours. This surge occurred as the SHIB price began to recover after nearly a 9% drop earlier this week.

_{Source: Shibburn}

The data source indicated that the SHIB burn rate jumped by approximately 300% in the past 24 hours. However, the number of SHIB coins burned was just under 1 million, totaling 899,940 SHIB. Notably, there were only four transactions, with the largest one accounting for nearly all of the burned SHIB – 749,807 coins.

Related article: Shiba Inu (SHIB) Approaches Critical Range, Targets 50% Upside

Shibarium Continues To Attract New Users

Earlier reports highlighted that Shiba Inu’s layer-2 solution, Shibarium, continues to attract new users daily. The number of new accounts on Shibarium has increased by 23%, rising from 489 to 602, despite the team raising transaction fees from 19.31 BONE to 40.14 BONE. Interestingly, a portion of these gas fees is allocated for purchasing Shiba Inu tokens to burn them later. 

Related article: Shiba Inu Sees Explosive 450% Growth on Shibarium 

The SHIB team has repeatedly stated on social media that higher burns will only be possible when Shibarium’s utility rises significantly. As Shibarium integrates more new users, partners, and dapp builders, the utility will increase, resulting in more Shiba Inu burns. This concept, initially suggested by the mysterious founder Ryoshi and later taken over by the pseudonymous developer Shytoshi Kusama, emphasizes the importance of growing Shibarium’s user base and functionality.

SHIB Price Nears $0.00002

Meanwhile, the price of SHIB, the second-largest canine-themed cryptocurrency, rose by 6.46% today after a roughly 9% decline on Tuesday. This current price rise, however, was slightly reduced as the meme coin dropped by 2.45%. At the time of writing, SHIB is trading at $0.00001918, with the significant psychological price mark of $0.00002 within reach.

The recent surge in SHIB burns and the continued growth of Shibarium suggest a potential increase in SHIB’s price. As more users and partners join Shibarium, the resulting higher utility will likely lead to more SHIB burns, ultimately driving the price higher.