Key Takeaways:
There has been a significant increase in the token burn rate of popular meme cryptocurrency Shiba Inu. According to data sourced by the Shiba Inu burn rate tracking platform Shibburn, the SHIB burn rate rocketed to 320% over the past day, sparking newfound optimism in the market.
SHIB Burn Rate Surges By 320% After Incinerating 10.31 Million Tokens In 24 Hours
The development has fueled speculations over its impact on the price of SHIB, which has continued to decline since Saturday after hitting a daily peak of $0.00002140, with many anticipating a potential rally in the coming days. Additionally, growing interest in the meme coin sector has cemented the claims over a potential price rally for SHIB as well as the broader segment.
Over the last 24 hours, the SHIB burn index jumped to 320.33%, which was achieved after 10.31 million SHIB was burnt during that period. Two addresses caught the attention of investors, one of which burned the largest batch of SHIB in a single transaction with 6.94 million tokens locked in an unspendable wallet, followed by a burn transfer of 3.31 million SHIB. Only four Shiba Inu burn transactions have been made so far.
While the person behind the transaction that transferred 6.94 million SHIB to an unspendable wallet is unknown, a comment made under the Shibburn X post hints that it may have been the Shiba Inu team. The burn was made automatically on the Shibarium protocol, which was introduced back in January to conduct all token burns automatically by converting BONE tokens into SHIB and then sending them to dead-end wallets.
Shiba Inu has been up around 33,000%, resulting in the incineration of over 1 billion SHIB tokens. This burning system decreases the supply of the tokens in the market, which in turn helps propel its value. To date, 410.73 trillion SHIB has been burnt from the token’s initial supply. There are about 583.5 million Shiba Inu coins currently in circulation.
Experts Predict A Triple-Digit Rally For SHIB In Q4 2024
Despite the surge in burn rate and speculation that it could rally, SHIB’s price was down more than 8% today, while its trading volume soared by 9% to $580.77 million in the past 24 hours.
According to a recent price analysis, the dog-themed meme cryptocurrency and “Dogecoin Killer” could be eyeing a triple-digit rally of nearly 300%. This has fueled bullish sentiment in the market, with traders keeping a close watch on the meme coin market.
On Sunday, Lucie, the marketing lead at Shib.io, shared some updates regarding the progress made with the Shiba Inu metaverse. She reminded the community that the team is on track to launch ‘Shib The Metaverse’ in the foreseeable future.
Shiba Inu has already rolled out some highly anticipated projects this year, such as TREAT, a layer-3 scaling solution; the Shiboshis collection of 10,000 NFTs; and the SHIB Marketplace, a decentralized trading platform that operates on the Shibarium layer-2.
The fourth quarter of the year has historically been a bullish period for the crypto market, particularly Bitcoin, as well as for some of the top altcoins. This means that the market is also anticipating a rally for Shiba Inu and other prominent meme tokens.
At the time of writing, SHIB is trading at $0.00001843 – up 0.45% over the last 24 hours.
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