Shiba Inu Coin Burn Drives Price Increase
Release: 2024/05/05 11:14 Reading: 692
Shiba Inu Coin Burn Drives Price Increase
The Shiba Inu community has recently initiated a significant burn of SHIB coins, leading to a notable increase in the coin's market price. According to Shibburn tracker, this burn phase has resulted in a substantial reduction of SHIB coins in circulation, driving up its price by over 12%. This activity has generated excitement and speculation among investors.
Details of the Recent SHIB Burn
The latest burn event removed a total of 29,199,627 SHIB coins from circulation. Key burn transactions included 14,943,135 and 10,006,280 SHIB coins. This aggressive reduction contributed to a significant increase in the burn rate, which surged by 1,009% compared to the previous day.
Technological Advancements in Coin Burning
In 2024, the SHIB team introduced a new method for automated coin burning on the Shibarium test network. This system utilizes gas fees paid in BONE tokens, converting them into SHIB and sending them to burn wallets. This method aims to provide a consistent and automated burn mechanism to maintain the coin's value.
Insights and Future Actions
The recent price increase suggests investor confidence in the ongoing burn initiatives. Automatic burning is expected to play a crucial role in managing the coin's inflation and supply issues. Community engagement in purchase transactions is essential for the frequency and volume of burns.
As these developments continue, the community remains attentive to the timing and impact of future burns. Community participation in purchase transactions is emphasized by marketing officer Lucie and creator Ryoshi to facilitate ongoing burns. Despite a recent price pullback, these burning mechanisms are anticipated to be key in SHIB's pricing strategy and market positioning moving forward.
The post first appeared on BH NEWS: Shiba Inu Coin Burn Drives Price Increase
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