Shiba Inu (SHIB) is seeing a dramatic surge in its burn rate, with the latest data showing a 466.02% increase over the past 24 hours. In total, 11.8 million SHIB tokens have been burned in the last day, signaling growing enthusiasm in the community for reducing the token supply and driving up scarcity.
Shiba Inu Burn Activity Soars
The latest burn transactions demonstrate significant activity within the Shiba Inu ecosystem. Just 6 hours ago, a wallet address (0xa9d…e43) burned approximately 1.7 million SHIB tokens to a burn address, according to Shibburn data.
Earlier, 16 hours ago, a larger transaction saw 10 million SHIB tokens burned, highlighting a notable effort by the Shiba Inu community to accelerate the deflationary process. Additionally, a smaller 100,000 SHIB transaction was burned. With the growing momentum behind Shiba Inu’s burn efforts, the potential for a price breakout is becoming more apparent.
SHIB Price Breakout Imminent?
As the circulating supply of SHIB continues to decrease, investors may see increased demand, pushing the price higher. The aggressive burn rate could push the SHIB price above the critical $0.00003 level, a milestone that has been long anticipated by the community.
Experts suggest that if this trend continues and more tokens are removed from circulation, SHIB could experience price appreciation in the near future. However, while the burn rate is encouraging, market conditions and demand for Shiba Inu tokens will ultimately play an important role in determining whether the token can sustain a breakout above $0.00003.
Nonetheless, in the event of a successful breakout, the SHIB price could surge to the $0.00005 mark. Moreover, analysts also eye the iconic $0.0001 mark in the long run.
Also Read: Shiba Inu Price Prediction From 2024-2050
