SHIB Experiences Notable Price Movement and Shibarium Activity Surge

In a surprising development, the second-largest cryptocurrency, SHIB, exhibited a stunning green candle on the hourly chart earlier today, resulting in a 3.34% price increase. While this surge was not substantial, it marked a noteworthy shift.

SHIB Price Breaks Through; SHIB Burns Rise Modestly

According to data shared by cryptocurrency tracker Shibburn, the Shiba Inu burn rate increased modestly by 31.09% over the past 24 hours, resulting in the burning of 2,622,068 SHIB tokens since yesterday morning.

Two burns have occurred thus far, comprising 2,122,068 and 500,000 Shiba Inu tokens, respectively. Two days ago, the SHIB burn rate spiked by an impressive 282.21%, involving the transfer of 6,643,089 SHIB tokens to non-spendable blockchain wallets in seven transactions. Generally, the SHIB burn rate has been consistently in the red recently, often deepening into the negative territory and persisting for several days.

So far, the mentioned price surge trend has been reversed. After several hourly candles printed by SHIB, including a significant green candle and another large red one, the price dipped by 2.25%. At the time of writing, the popular cryptocurrency SHIB is trading at $0.00000916, failing to burn off the zero once again.

SHIB Team Explains Shibarium’s New Burning Mechanism

Over the weekend, RagnarShiba, the manager of the Telegram channel “Shibarium Tech,” took to the social media platform Twitter/X to clarify the mechanism of the new Shibarium burns.

Since early December, a blog post from the SHIB team mentioned that in January, SHIB copies would transition from manual to automatic burning. Many within the Shiba Inu community anticipated a remarkable increase in SHIB burns conducted by the Shiba Inu team via Shibarium.

RagnarShiba indicated that the “new era” in burns and automatic burns is currently being tested on Puppynet (Shibarium’s testnet), and once ready for deployment, it will be implemented on the mainnet as well – but not just yet.

READ MORE Shibarium Launch Boosts Shiba Inu’s Ecosystem with a 621% Surge in New Accounts

In general, Shibarium recorded a tremendous 621% surge in new account activity over the past 24 hours, along with an increase in connected wallets and total transaction count.

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