In a recent tweet, the official account of the Shib army news site (@theshibdream) predicted a large rise in SHIB burn transactions once the much anticipated Shibarium upgrade got underway.
It was a response to a tweet from the well-known anonymous SHIB-themed account "SHIB Night," which asserted that minor SHIB burns hourly transactions published by the Shibburn tracker are happening very frequently despite the current weak market in cryptocurrencies.
Shibarium can burn SHIB tokens in addition to its other purposes by charging a transaction fee, which it will then execute, much like what BabyDoge's creators are now doing with SHIB. When they suggested transactional burns of tokens on Shibarium, @theshibdream described this burn mechanism in the tweet above.
SHIB Burn Rate Increases, Albeit Barely
Data from the Shibburn tracking website reveals that in the previous day, the SHIB army removed 20,120,621 meme coins from circulation. In comparison to the roughly 12,000,000 SHIB burned on Tuesday, the burn rate has grown by 67.43%.
A total of 6,123,698 SHIB were transported during this time in the largest burn transfer; otherwise, the number of Shiba Inu did not exceed 3 million. In general, a relationship exists between the burn rate and the SHIB price. Contrary to popular perception, more SHIB should be burned when the price of this coin declines. With each succeeding decline in the price of Shiba Inu, the number of burns on this well-known meme money decreases. SHIB is presently trading at $0.00000805, down 1,90% over the last day.