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Public burn tracker Shibburn has revealed that another large SHIB bunker has been moved into a “virtual oven” over the past day. the Burn rateRespectively, it has shown a four-digit rise.
Burn rate increases by 2,221%
According to Shipburn, over the past day, the SHIB community sent a large amount of memes to unspendable blockchain addresses – 21,000,740 SHIB resulting in a total daily burn rate of 2,221%.
So far, there have been seven transfers to blocked wallets. The largest, in contrast, carried 18,973,108 SHIB and 1,000,000 SHIB nine and eleven hours earlier.
However, many users within the SHIB army are putting pressure on the SHIB team, demanding much larger burns than those being performed now. They claim that the SHIB team would have to burn 30% to 90% of the currently circulating supply to unleash the price of SHIB and allow it to rise significantly.
However, the SHIB team always answers that they do not control the replication keys and that higher replication can be achieved through higher utilization of Shibarium, SHIB's layer 2 solution. The more transactions are made on it, the more gas fees are charged and a portion of it is automatically transferred to the SHIB of BONE and burned.
SHIB Market Performance
Over the past 24 hours, the price of the second largest cryptocurrency by market cap size, SHIB, managed to recover by approximately 6%, returning to the $0.00002122 price level, thus managing to avoid a critical price collapse.
On Monday, the prominent meme coin lost more than 9%, falling from $0.00002202 to $0.000020. On Saturday, SHIB was trading at $0.00002273 USD, and since that day, the price decline that reached the bottom yesterday constituted more than 12%.
Related to
It dealt with hitting several cryptocurrency exchanges at launch
The lead developer of the Shiba Inu shared multiple X posts from leading cryptocurrency exchanges, such as MEXC, KuCoin, BitGet, SuperEx, etc., announcing the listing of the new Shiba Inu ecosystem token TREAT. The official launch date is Today is January 14th.
This token is designed to enhance network management (SHIB Army Voice), to be leveraged for rewards on ShibaSwap dex and other facilities within the SHIB network. TREAT will also be used in WOOF Wars: Farming 2.0, a productivity farming mechanism that will allow users to maximize their profits.
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