According to the Shibburn wallet tracker which traces Shiba Inu burn transactions on Etherscan and then publishes the details on its separate website, during the last 24 hours, the Shiba Inu community has successfully increased the SHIB burn rate.

This major increase took place while the SHIB price began to recover after an almost 9% fall faced earlier this week.

SHIB burns jump high

The above-mentioned data source revealed that over the last 24 hours, the SHIB burn rate jumped by approximately 300%. However the number of burned SHIB coins that triggered this substantial growth was less than 1 million – merely 899,940 SHIB.

There has so far been only four transactions with the largest one carrying nearly all of the above SHIB chuck – 749,807 coins.

Shibarium keeps attracting new users

As reported earlier, the Shiba Inu layer-2 solution Shibarium continues to see an inflow of new users on a daily basis. The number of new accounts on the aforementioned blockchain built by the SHIB team has increased by 23%, rising from 489 to 602.

This major increase has happened despite the team increasing the transaction fees on Shibarium – they have popped up from 19.31 BONE to 40.14 BONE. Curiously, part of these gas fees is set aside by the team to be later used for purchasing Shiba Inu tokens and then burning them. The SHIB team continuously states on social media in response to urges to accelerate SHIB burns that higher burns will only be possible once the Shibarium utility begins in rise drastically.

The more new users, partners and dapp builders Shibarium integrates the higher the utility will be, which will result in a larger number of Shiba Inu burns, according to the Shibarium concept suggested by the mysterious founder Ryoshi and then taken over by the pseudonymous Shytoshi Kusama led developer.

SHIB price approaching $0.00002

In the meantime, the price of the second largest canine-themed cryptocurrency SHIB has staged a 6.46% rise today after falling by roughly 9% on Tuesday. The current price rise, however, was diminished as the meme coin went down, shedding 2.45%.

At the time of this writing, SHIB is changing hands at $0.00001918 with the important psychological price mark of $0.00002 being within an arm’s reach.