The burn rate of Shiba Inu’s SHIB/USD spiked by 2400% in just 24 hours, burning a staggering 1.24 trillion meme coins from SHIB’s circulating supply.
What Happened: This was caused after SHIB community members unveiled the user interface of the new SHIB burn mechanism in Shibarium, a platform built on the Ethereum ETH/USD blockchain.
The new interface shows BONE can be swapped for SHIB to initiate the burn process.
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Why It Matters: To initiate the burn process, users must first accrue a certain amount of Bone (BONE), which can then be delivered to Ethereum’s L1.
According to Shibarium’s official documentation, the burn mechanism operates by taking the basic transaction fee charged on the platform and locking it away in a contract. A total of 30% of the basic transaction fee is set aside for network maintenance, while the remaining 70% is burned.
Price Action: At the time of writing, SHIB was trading at $0.000008857, up 3.16% in the last 24 hours, according to Benzinga Pro.
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