Shytoshi Kusama, the pseudonymous leader of the Shiba Inu (SHIB) project, recently sent a mysterious tweet to the global SHIB community through his official X (formerly Twitter) account. In keeping with his signature style, which blends Eastern philosophy with anime culture, Kusama shared an anime GIF of a character smirking at their smartphone. The post appears to reflect Kusama’s bullish outlook as SHIB’s price experiences a sharp breakout.
SHIB Surges Over 27% as It Nears a Key Milestone
In the past 24 hours, SHIB has skyrocketed by 27.30%, marking a significant breakout in the meme coin’s price. The surge brought SHIB to a price of $0.00001917, inching closer to removing another zero from its value.
This price increase comes in tandem with Bitcoin’s overnight jump of 4%, rising from $62,900 to over $65,400. Alongside the price spike, SHIB’s burn rate has seen an extraordinary surge. According to Shibburn, a total of 1,884,288,401 SHIB tokens were burned in the last 24 hours, representing an astonishing 33,818.39% increase.
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These tokens were permanently removed from circulation through a series of transactions. This large burn event is rare, with only the SHIB developer team burning such significant amounts in a single go over the past year.
Shibarium’s New Burn Mechanism Boosts Token Burns
The recent hard fork on Shibarium, implemented in August, introduced a new automated burn system. This mechanism uses a portion of the gas fees on Shibarium, paid in BONE tokens, to buy SHIB tokens and send them to unspendable blockchain addresses, effectively removing them from circulation.
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Over the past 24 hours, Shibburn recorded eight burn transactions. The largest burned 1.8 billion SHIB, while the others ranged from 1 to 5 million tokens.
SHIB’s price breakout and massive burns reflect strong community activity and continued support from its developers.
