Investors are eagerly observing burns, anticipating substantial price surges in the market. Recent burns of the SHIB coin have driven a significant increase in its value, prompting a surge of investor interest. Reports indicate a massive burn rate, leading to the removal of millions of SHIB tokens from circulation.

The attention of investors is consistently drawn towards the burns of Shiba Inu coins. There is a persistent belief among investors that these burns will eventually result in price hikes, motivating them to closely monitor and analyze this data. Recently, the Shiba Inu community kickstarted a new burning process, resulting in a substantial reduction of SHIB meme coins through burning activities.

Amidst this ongoing process, the price of SHIB experienced a remarkable surge of over 12%, coinciding with an extraordinary spike of over 1,000% in the burn rate. Data provided by SHIB Burn reveals an astounding increase in the burn rate, highlighting a swift rise of 1,009% from the previous day. Notably, a substantial total of 29,199,627 SHIB coins were completely eliminated from circulation during this period, with the two most significant burns comprising 14,943,135 and 10,006,280 Shiba Inus, respectively.

In a move heralded as a significant advancement, the SHIB team announced the inception of trials for a new system aimed at automating the burning process of SHIB tokens on the Shibarium test network by the beginning of 2024. Developers executed burns involving tens of billions of SHIBs, essentially linked to accumulated gas fees. Notably, transaction fees within Shibarium are settled in BONE, a crucial detail to keep in mind. A fraction of these BONE tokens is converted into SHIB and transmitted to wallets where transactions are irreversible.

After the initial launch of the automatic burning scheme, there has been a noticeable absence of further updates, plunging the process into silence. The SHIB community remains ardently curious about the developers' roadmap regarding the recommencement of burning activities at specific intervals. Lucie, the official marketing officer of the team, addressed these mounting inquiries by directing attention to Ryoshi, the creator of SHIB.

Ryoshi, renowned for controlling the burn keys, emphasized the necessity of purchase transactions as a prerequisite for the burning of meme coins. Consequently, Ryoshi urged the community to actively participate in these essential processes. Concurrently, a decline in the price of SHIB was noted, with the market's second-largest meme coin, Shiba Inu, experiencing a notable retracement following a surge in the past 24 hours. The current price stands at $0.00002459, having earlier surpassed the $0.000025 mark earlier in the trading day.