Emily Walker
The overall cryptocurrency market has seen an extraordinary rise in the Shiba Inu burn rate, with an increase of 2,296% in just a single day. This notable boost illustrates the community’s effort to lower the total supply of Shiba Inu, potentially leading to a price rise. With Shiba Inu demonstrating signs of resilient recovery, this could initiate a new upward trend for the widely recognized meme token.
Surge in Shiba Inu Burn Rate
The burn strategy for Shiba Inu plays a crucial role in its deflationary plan, aiming to increase token scarcity by permanently eliminating SHIB tokens from circulation. Recent statistics from Shibburn, dedicated to the SHIB ecosystem, reveal that burn rates have skyrocketed by an astounding 2,050.95% within the last day.
This significant hike in the burn rate has led to the permanent removal of 1.28 billion SHIB tokens. Such an increase in token destruction is often attributed to the community’s efforts, as users consistently push for larger burns.
After the burn update from Shibburn on X (formerly Twitter), it became clear that millions of tokens are being sent to inactive wallets every hour. This rise in burn activity marks a notable achievement in the SHIB community’s endeavors to lower supply and potentially enhance the coin’s value.
A key figure in this recent increase of SHIB burn rates is Shibtoshi, the creator of SquidGrow, a utility-based meme token. Lola, a well-known member of the Shiba Inu community, reported on X that Shibtoshi has burned over 1 billion SHIB tokens, worth $25,633. This significant token burn reflects the strong dedication of SHIB supporters.
Though a rise in the burn rate may not lead to an immediate price hike, it can positively affect market sentiment, creating scarcity which is essential for long-term ecosystem vitality and the growth of this meme coin.
Are Bulls Prepared to Lead?
The increase in the Shiba Inu burn rate indicates that bulls might be ready to dominate, possibly initiating a bullish trend change for the meme token.
As of now, the price of SHIB stands at $0.000025, showing a rise of 3.38% over the last week, based on data from CoinMarketCap. The meme coin had a significant bull run earlier this month, achieving double-digit gains while following the surge in Dogecoin prices.
Factors such as overall market sentiment, a post-election crypto surge, and heightened demand for meme tokens have pushed the price of Shiba Inu higher. Furthermore, as burning activities intensify, this could serve as another factor driving growth for the meme token.
In addition to the positive outlook, analysts like ‘Shib Spain’ on X have predicted a significant breakout for SHIB. They shared a price chart indicating that if the coin can break through its current triangle formation, it may surge to a price as high as $0.000038.