SHIB Burn Figure Jumps 2,372% as Shiba Inu Price Begins to Revive

.SHIBburn rate shows 2,344% rise with 1.2 billion $SHIB burned as the weekly SHIB stash gets removed in just 24 hours

The amount of dog-themed coins taken out of the circulating supply in the last 24 hours is about the same as has been burned over the past seven days, according to data shared by the Shibburn tracker in a recent tweet.

Nearly all of these SHIB were destroyed in just a single transfer of 1,238,951,893 coins, which was made by an anonymous wallet around 15 hours ago. Two more transactions followed a few hours later, each carrying 1,000,000 Shiba Inu. Just at the end of last week, several SHIB-themed Twitter accounts shared the details of the SHIB burn mechanism revealed by the SHIB developer team recently. As is well known to the SHIB army, gas fees on the Shibarium Layer 2 network are paid in BONE tokens. A portion of the fees are locked in a special contract, and as soon as the locked amount exceeds 10 BONE, they are converted to SHIB automatically and then sent to a dead wallet, i.e., burned.

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