The Shiba Inu burn rate has witnessed a phenomenal increase, soaring by over 24,271% in just a single day. This considerable token burn, as tracked by the Shibburn platform, aligns with a significant rise in Shibarium transactions. Given the substantial amount of tokens burned through these large-scale SHIB transactions, this occurrence could potentially act as a catalyst for a rally, pushing the Shiba Inu price towards the $0.00008 benchmark.
Shiba Inu Burn Rate and Shibarium Transactions Skyrocket
The Shiba Inu community has been enveloped in optimism as news of increased SHIB burns circulates across the cryptocurrency market. Recent data reveals that the Shiba Inu burn rate, which measures the number of tokens permanently removed from circulation, has surged dramatically in recent days.
Massive Increase in SHIB Burns
The Shibburn tracker reported an astounding 24,271% surge in SHIB burns within a single day, leading to the destruction of approximately 5,674,617,337 SHIB tokens. Earlier in the week, Shibburn disclosed another significant rise in Shiba Inu burns via X (formerly Twitter). According to the platform, the rate of tokens burned on October 31 increased by an astonishing 373,969.11% in one day, resulting in over 5.6 billion SHIB tokens being sent to dead wallets. Additionally, in the last 24 hours, Shiba Inu experienced a historic moment as $100,019 worth of SHIB tokens were burned in a single day.
Shibarium Transactions on the Rise
Remarkably, the SHIB burn rate isn’t the only metric showing an upward trend in the SHIB ecosystem. Lucie, SHIB’s marketing lead, revealed in a recent post on X that daily transactions on the Shibarium Layer-2 network have skyrocketed to 3.89 million, with a total transaction count reaching 446,904,690 at the time. The Shiba Inu marketing lead praised Shibarium builders, particularly WoofSwap, for their unwavering dedication to fostering growth and innovation within the Shibarium ecosystem. Lucie highlighted that last year, WoofSwap achieved a significant milestone for the Shibarium network after initiating a major minting push that contributed to Shibarium burning nearly $1 million worth of SHIB tokens.
Can the Recent Rise in SHIB Burns Propel the Price to $0.00008?
The ongoing increase in SHIB burns, alongside the recent surge in Shibarium transactions, marks a pivotal moment for the Shiba Inu community. This accomplishment reflects the community’s aspiration for additional SHIB burns, which are intended to enhance the token’s scarcity and boost demand.
Impact of SHIB Burns on Price
Typically, when a cryptocurrency is burned, it is permanently removed from circulation, creating scarcity that can potentially lead to a price increase as the 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 initial total supply of 1 quadrillion at its launch 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 expected to drive demand and potentially fuel a gradual increase in the SHIB price to $0.00008. As of the current writing, the price of Shiba Inu is trading at $0.000017, marking a 2.3% rise in the last 24 hours. Achieving the $0.00008 mark would require Shiba Inu to increase by approximately 370.59%.
