Shiba Inu Burn Rate Increases 24,271% Amid Surge in Shibarium Transactions
The Shiba Inu burn rate increased by over 24,271% in one day, as reported by the Shibburn tracking platform. This surge coincides with a rise in Shibarium transactions and may act as a catalyst for a potential price rally towards $0.00008.
Shiba Inu Burn Rate And Shibarium Transactions Skyrocket
The Shiba Inu community is optimistic following a significant increase in SHIB burns. Recent data indicates that the burn rate, which tracks tokens permanently removed from circulation, has surged dramatically.
The Shibburn tracker reported a 24,271% increase in SHIB burns within a single day, totaling approximately 5,674,617,337 SHIB tokens. Earlier this week, Shibburn also noted a remarkable 373,969.11% increase in burns on October 31, leading to over 5.6 billion SHIB tokens sent to dead wallets. Additionally, $100,019 worth of SHIB tokens were burned in just one day.
Alongside the burn rate, daily transactions on the Shibarium Layer-2 network have risen to 3.89 million, totaling 446,904,690 transactions. Lucie, SHIB's marketing lead, acknowledged WoofSwap for its contributions to the ecosystem, highlighting their achievement of burning nearly $1 million worth of SHIB tokens last year.
Can Recent Rise In SHIB Burns Fuel Surge To $0.00008?
The increase in SHIB burns and Shibarium transactions represent a significant milestone for the Shiba Inu community. This trend reflects the community's push for more SHIB burns to enhance token scarcity and drive demand.
Burning cryptocurrency permanently removes it from circulation, creating scarcity that can potentially increase prices as demand rises. Shiba Inu currently has a circulating supply of 589.26 trillion SHIB, with 410.7 trillion SHIB tokens burned since its launch four years ago.
Continued SHIB burns could lead to a price rally back to previous highs of $0.000086. Optimism from these burns may gradually drive the SHIB price to $0.00008.
Currently, the price of Shiba Inu is $0.000017, reflecting a 2.3% increase in the last 24 hours. A rise to $0.00008 would require an approximate 370.59% increase in value.
