This major account of SHIB army reckons that launch of Shibarium is likely to spur Shiba Inu burns
Per a recently published tweet by the official account of the Shib army news site (@theshibdream), they expect a massive rise in SHIB burn transactions once the long-anticipated Shibarium upgrade kicks off.
Here’s how Shibarium will burn SHIB en masse
It was an opinion voiced as a comment on a tweet by prominent anonymous SHIB-themed account “SHIB Night.” The latter stated that small SHIB burn hourly transactions, shared by the Shibburn tracker, are happening pretty often despite the bear market, which is dominating the crypto space at the moment.
Shibarium, aside from its other purposes, will be able to burn SHIB tokens by charging a certain transaction fee and then burning these fees, the way SHIB rival BabyDoge’s developers are doing at the moment. It is this burn mechanism that was voiced by @theshibdream in his tweet above when they mentioned transactional burns of tokens on Shibarium.
Can you imagine what these $SHIB Burns are going to look like after #SHIBARIUM is going with transactional burns? 🔥 https://t.co/4S3W6YAgQI pic.twitter.com/0I1uiZb3LT
— Shib Dream * Shiba Inu News * Shib Army Social 💎 (@theshibdream) December 28, 2022
SHIB burn rate jumps, but not high
According to data published by Shibburn tracking service, over the past 24 hours, the SHIB army managed to remove 20,120,621 meme coins from circulation. Compared to the roughly 12,000,000 SHIB burned on Tuesday, the burn rate now is up 67.43%.
The biggest burn transfer over this period of time carried 6,123,698 SHIB; otherwise, they did not exceed 3 million Shiba Inu.
Overall, the burn rate seems to somehow correlate with the price of SHIB. However, whereas the cheaper this coin becomes, the more SHIB should be burned, in reality it is the other way around.
Each new price drop of Shiba Inu causes burns of this popular meme coin to shrink in size. At the time of this writing, SHIB is changing hands at $0.000007987, dropping over 3% in the past 24 hours, according to CoinMarketCap.