Shibarium Launches, SHIB Burns Will Likely Soar

Key Points:

• Shib army news site’s official account (@theshibdream), once the much-awaited Shibarium upgrade begins, they predict a sharp increase in SHIB burn transactions.
• Shibarium can burn SHIB tokens by levying a transaction fee, which it will then burn, similar to what BabyDoge’s developers are already doing with SHIB.
• Shibburn tracking service data shows that 20,120,621 meme coins were taken out of circulation by the SHIB army in the last 24 hours. The burn rate has increased 67.43% from the nearly 12,000,000 SHIB burnt on Tuesday.

According to a recent tweet from the Shib army news site’s official account (@theshibdream), once the much-awaited Shibarium upgrade begins, they predict a sharp increase in SHIB burn transactions.

It was a comment made on a tweet from the well-known anonymous SHIB-themed account “SHIB Night.” The latter claimed that despite the bear market prevailing in the cryptocurrency world, tiny SHIB burns hourly transactions shared by the Shibburn tracker are occurring reasonably frequently.

In addition to its various uses, Shibarium can burn SHIB tokens by levying a transaction fee, which it will then burn, similar to what BabyDoge’s developers are already doing with SHIB. In his tweet above, when they proposed transactional burns of tokens on Shibarium, @theshibdream mentioned this burn mechanism.

SHIB burn rate spikes, but not much

Shibburn tracking service data shows that 20,120,621 meme coins were taken out of circulation by the SHIB army in the last 24 hours. The burn rate has increased 67.43% from the nearly 12,000,000 SHIB burnt on Tuesday.

The largest burn transfer during this time carried 6,123,698 SHIB; otherwise, the number of Shiba Inu did not reach 3 million. Overall, there is a correlation between the burn rate and the SHIB price. However, contrary to popular belief, burning more SHIB should occur when this coin’s price decreases. The amount of the burns on this well-known meme currency decreases with each subsequent reduction in the price of Shiba Inu. According to CoinCu, SHIB is down 1,90% over the last 24 hours and is currently trading at $0.00000805.

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