SHIB Price bounce on cards?

TL;DR

SHIB’s combustion mechanism went into overdrive in the last 24 hours, with nearly 100 million tokens removed from circulation. A large transaction comprised more than 99% of all storage burned. The Last Spike

After several days of recording less activity than usual, the Shiba Inu’s burning program exploded again. The data shows that the burn rate skyrocketed by almost 140,000% in the last 24 hours, resulting in more than 96 million tokens being sent to a null address.

It is worth mentioning that about 99% of the storage was destroyed after a single transaction about 10 hours ago. Further investigation reveals that the wallet has received funds from crypto exchange Coinbase several times in the past, suggesting that the owner may be a user of the platform.

Meanwhile, the address had been inactive for more than five months before the SHIB tokens were burned. His last transaction occurred 154 days ago and involved the exchange of 0.2839 ETH ($715) to THORChain.

While the more than 96 million SHIB destroyed in the last 24 hours sounds like a substantial amount, its actual USD equivalent is negligible. However, continued efforts in this field will make meme currency more scarce and potentially more valuable over time (assuming demand stays the same or increases).

Shiba Inu is currently trading at around $0.0000141 (according to CoinGecko data), a decrease of 2% on a weekly basis. Its underperformance coincides with a general decline in the meme coin sector, with Dogecoin (DOGE), dogwifhat (WIF), Pepe (PEPE), Bonk Inu (BONK), Brett (BRETT) and many more finding themselves in the red for the same period.

SHIB Price, Source: CoinGecko Shibarium also adopted a combustion mechanism

Earlier this month, Shiba Inu’s Layer 2 scaling solution, Shibarium, adopted a burning program called “Burn Portal.” Despite having the same end goal as the original Shiba Inu burn mechanism, there are certain differences.

Shibarium’s built-in recording program is directly tied to its blockchain operations. Every time a transaction occurs on the network, a fraction of the transaction fees paid to Bone ShibaSwap (BONE) is used to purchase SHIB tokens on the open market. This deposit is then transferred to a null address.

In comparison, the original mechanism relies primarily on community-led efforts and voluntary burns by holders rather than automatic or protocol-based action.

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