Key Takeaways:
Earlier today, the burn rate of Shiba Inu (SHIB), the world’s second-largest meme cryptocurrency by market capitalization, witnessed a massive 6,200% surge in its burn rate. This development has sparked significant investor optimism worldwide.
Shiba Inu Burn Rate Soars By 6,200%
According to data shared by Shibburn, the meme coin network burned 290,321 SHIB tokens from supply over the last 24 hours. This resulted in the price of Shiba Inu experiencing impressive growth as investors are turning their attention towards trending meme coins. Meanwhile, the dog-themed cryptocurrency’s total supply has reduced to 589.26 trillion.
About 135 million SHIB tokens were eliminated from supply in the course of the previous seven days. The substantial increase in the token’s burn rate is crucial because it reduces its circulating supply while exerting pressure on its price to move upwards as investor demand remains consistent or rises.
The current increase in SHIB’s burn rate is driven by the Shiba Inu community’s efforts to augment its value.
SHIB enthusiasts have come together to endorse multiple burn events and transfer tokens to inactive wallets, helping eliminate them from supply. In 2024 alone, Shiba Inu has burnt about 410 trillion SHIB from supply, delivering on the community’s demand to reduce the number of tokens while improving scarcity.
The Shiba Inu community asserts that these initiatives would enhance SHIB’s market standing while drawing investors seeking new opportunities in the cryptocurrency market. The price of SHIB has soared by 27% following the news of its increased burn rate, recording levels that were last witnessed four months ago.
SHIB Whales Are Taking Control of The Market
Additionally, crypto whales are also responsible for driving positive market sentiment. Large-scale SHIB holders have undertaken huge burn transactions, which have substantially reduced the token’s circulating supply, challenging the community in the process. What is going to happen is that the bigger SHIB whales will take over market participation from other, smaller investors and increase the overall activity on the network.
As Shiba Inu’s value is on the rise, several crypto experts have expressed optimism in its price movement. SHIB is poised for tremendous gain due to heightened burning, enhanced community involvement, and favorable market sentiment. Predictions are suggesting that should the current trend continue, SHIB may see its price escalate by up to 80% soon.
Meanwhile, the Shiba Inu ecosystem has announced new projects that are believed to further strengthen user engagement and the overall value proposition of SHIB.
The new high in SHIB’s burn rate is a positive development for the meme coin community and investors. As the network continues to burn its supply while encouraging participation, Shiba Inu may be strategically positioned to grow as it continues to navigate the ever-evolving cryptocurrency landscape.
At the time of writing, SHIB is changing hands at $0.00002453 – up 0.40% in the last 24 hours.
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