Bitrabo Editorial
Shiba Inu (SHIB) has experienced a notable increase in its burn rate over the past day, presenting an optimistic perspective for this prominent meme coin, which ranks second by market capitalization. This rise in the burn rate could potentially trigger a rally in SHIB prices, aiming to reach its previous record high of $0.00008.
Impressive 7,911% Increase in Shiba Inu Burn Rate
According to Shibburn data, the burn rate for Shiba Inu surged by an astounding 7,911% within the last day, with a total of 281.9 million SHIB tokens being burned. The majority of this was due to one transaction that sent 277.5 million SHIB tokens to a dead wallet, while another transaction accounted for 7.2 million tokens burned.
Additionally, the tokens burned in this 24-hour period represent most of the total burned over the past week, totaling 312.3 million SHIB. This marks an impressive 1731% increase in the weekly burn rate for Shiba Inu.
The rise in the burn rate is crucial as it could pave the way for SHIB’s price to hit $0.00008, as token burns enhance the asset’s value. Hence, as more tokens are taken out of circulation, the potential for price growth increases. It’s essential to note, however, that sentiments within the wider cryptocurrency market can significantly influence these burns.
Recently, the burn rate for Shiba Inu has seen significant spikes in response to increases in Bitcoin’s price. This close relationship between SHIB and Bitcoin is apparent, as investors often flock to acquire Shiba Inu when they observe a bullish trend in Bitcoin.
This increase in transactions ultimately feeds into the rising burn rate. Should Bitcoin maintain its positive momentum, it seems likely that SHIB could continue on this upward trajectory towards $0.00008.
Low Activity on Shibarium Network
Current data from Shibariumscan indicates that the activity levels on the Shibarium layer-2 network remain subdued, reflecting diminished interest from crypto users. Daily transactions are still limited to fewer than 10,000, a stark contrast to the millions recorded at the end and beginning of the year.
Concerns are rising within the Shiba Inu community regarding the decline of Shibarium, especially considering its significant past contributions to token burns. Should there be a resurgence in user adoption for the layer-2 network, the daily burn rate for Shiba Inu could significantly exceed current statistics.
As of now, the SHIB price is hovering around $0.000018, reflecting nearly a 2% increase in the past 24 hours, according to CoinMarketCap data.