The Shiba Inu burn rate has experienced a dramatic rise, soaring by over 24,271% in just one day. This massive token burn, as reported by the Shibburn tracking platform, coincides with a notable uptick in Shibarium transactions. Considering the significant volume of tokens burned in these large-scale SHIB transactions, this development could potentially serve as a catalyst for a rally, propelling the Shiba Inu price towards the $0.00008 milestone.
Shiba Inu Burn Rate And Shibarium Transactions Skyrocket
The Shiba Inu community has been filled with optimism as reports of an increase in SHIB burns spread across the crypto market. Just this week, recent data revealed that the Shiba Inu burn rate, which measures the number of tokens permanently removed from circulation, has seen a dramatic increase in the last few days.
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The Shibburn tracker reported a massive 24,271% increase in SHIB burns in a single day, destroying approximately 5,674,617,337 SHIB tokens. Earlier this week, Shibburn unveiled yet another significant rise in Shiba Inu burns via X.
According to the SHIB burn tracking platform, the rate of tokens burned on October 31 had increased by an astounding 373,969.11% in just one day. This massive burn rate resulted in over 5.6 billion SHIB tokens sent to dead wallets. Furthermore, in the last 24 hours Shiba Inu recorded a historic moment as $100,019 worth of SHIB tokens were burnt in a single day.
Notably, the SHIB burn rate has not been the only metric rising in the SHIB ecosystem. Lucie, SHIB’s marketing lead revealed in a recent X (formerly Twitter) post, that the daily transactions on the Shibarium Layer-2 network has skyrocketed to 3.89 million, recording a total transaction count of 446,904,690 at the time.
The Shiba Inu marketing lead commemorated Shibarium builders, particularly WoofSwap for its steadfast commitment towards driving growth and innovation in the Shibarium ecosystem. Lucie disclosed that last year, WoofSwap had achieved a major milestone for the Shibarium network after they initiated a significant minting push that contributed to Shibarium burning nearly $1 million worth of SHIB tokens.
Can Recent Rise In SHIB Burns Fuel Surge To $0.00008?
The ongoing increase in SHIB burns, coupled with the recent rise in Shibarium transactions, marks a significant milestone for the Shiba Inu community. This achievement reflects the community’s desire for additional SHIB burns aimed at enhancing the token’s scarcity and driving more demand.
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Typically, when a cryptocurrency is burnt, it means that it has been completely wiped out of circulation, which often creates scarcity and can lead to a potential price increase as demand for the cryptocurrency rises.
In the case of Shiba Inu, the meme coin has a total circulating supply of 589.26 trillion SHIB. Of this substantial supply, 410.7 trillion SHIB tokens have been burned, representing nearly half of its original total supply of 1 quadrillion at its launch hour four years ago.
Continuous SHIB burns could see the price of Shiba Inu rallying back to former all time highs of $0.000086. Moreover, the optimism generated from the burns is set to drive demand and potentially fuel gradual increase in the SHIB price to $0.00008.
As of writing, the price of Shiba Inu is trading at $0.000017, marking a 2.3% rise in the last 24 hours. A price increase to the $0.00008 mark would require Shiba Inu jumping by approximately 370.59%.
Featured image created with Dall.E, chart from Tradingview.com
