The broader crypto market has seen a huge increased burn rate of the Shiba Inuwith the metric climbing 2,296% in a single day. This remarkable increase reflects the community’s desire to decrease the overall supply of Shiba Inu and possibly induce an increase in prices. With the Shiba Inu showing signs of a strong revival, this could trigger a new bullish phase for the popular meme piece.
Shiba Inu burn rate skyrockets
THE Shiba Inu Combustion Mechanism is vital to its deflationary strategy, which aims to trigger a token shortage by permanently removing SHIB tokens from circulation. According to the new data Shibburn, a burning portal specifically for the SHIB ecosystem, burn rates increased by a whopping 2,050.95% in the last 24 hours.
This massive increase in the Shiba Inu burn rate resulted in the permanent removal of 1.28 billion SHIB tokens from circulation. Such a large increase in token burns is often community-related, as members of the Shiba Inu ecosystem have consistently done this. advocated larger token burns.
Following the Shibburn burn update on X (formerly Twitter), we can see that millions of tokens are sent to dead wallets every hour. This increase in burn rate marks an important milestone in the SHIB community’s efforts to reduce supply and potentially increase the value of the coin itself.
Among the most significant contributors to this recent increase in SHIB’s burn rate is Shibtoshi, the founder of SquidGrow, a utility coin. Lola, a popular member of the Shiba Inu community, revealed on X, Shibtoshi had burned over a billion SHIB tokens, worth $25,633. This significant chip burn shows the strong commitment of SHIB supporters to the meme coin.
Even if an increase in the consumption rate of SHIB does not immediately trigger a price increase, it can influence market sentiment and cause a shortage, which is important for the market. ecosystem sustainability and for the long-term growth of the meme-based token.
Are the bulls ready to take matters into their own hands?
With Shiba Inu’s burn rate increasing, it appears bulls are ready to take charge again, potentially triggering a bullish reversal for the meme coin.
At the time of writing, SHIB’s price is $0.000025, reflecting a 3.38% rise over the past week, according to CoinMarketCap. The popular meme coin has seen a big bullish rally earlier this month, posting double-digit gains while trailing the Dogecoin price rise.
Factors such as general market sentiment, post-election crypto rallyand increased demand for meme coins have pushed the price of the Shiba Inu upwards. Additionally, as SHIB’s burning activity increases, it could serve as another bullish catalyst for the meme coin.
Adding to the optimism, analysts like “Shib Spain” on foreseen a significant price breakout for SHIB. He shared a price chart suggesting that if the meme coin could break out of its current triangle pattern, it could potentially reach an all-time high price of $0.000038.
Featured image created with Dall.E, chart from Tradingview.com