The is not slowing down, especially now that the SHIB team has officially joined the effort. This participation from the Shiba Inu team has led to some of the largest daily SHIB burns that have been recorded since the burn initiative started. And now, once again, the team has carried out another massive burn that sent the burn rate surging.
Shiba Inu Team Burns 9.35 Billion Tokens
In the latest iteration of the , a total of 9.35 billion SHIB have now been sent to the burn address. At the time of the , the 9.35 billion SHIB was worth a total of $92,953.36. This makes it the largest burn that the team has carried out since it began burning tokens.The token burn which took place on January 9 triggered a substantial surge in the daily SHIB burn rate. According to from the Shiba Inu burn tracking website Shibburn, the team’s burn caused the burn rate to spike by 28,659% in the 24-hour period. This spike represents the highest spike in the burn rate in 2024 so far, suggesting a bullish start to the year for the token.
There have also been only four burn transactions carried out in the 24-hour period at the time of writing, following the same trend from the last few days.
SHIB price above $0.00001 | Source:
SHIB Burn Gains Steam
Despite the decline in the burn rate in the last day, the community is still looking at more significant burns as time goes on. One of the developments that guarantee these burns is the fact that Shiba Inu burns are now being .The burn automation was revealed by the Shiba Inu team which revealed that there will be a two-pronged approach to this process. The first, which is how the team has been burning tokens, is manually sending tokens from the deployer wallet to the burn address.
The second approach, which is the most significant, will see an automated SHIB burn system from Shibarium put in place in January. This automated burn mechanism has sparked excitement in the SHIB community as .