Shiba Burn Rate Soars, Fuels Potential 50% SHIB Value Surge

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In an exhilarating development sure to ripple through the Shiba Inu (SHIB) community, the frequency at which SHIB tokens are being incinerated or “burned” has seen a significant spike, even as the value of this meme cryptocurrency demonstrates a steady climb.

Data extracted from the Shibburn explorer conveys an impressive upswing in the SHIB burn rate. Over the last day, the rate escalated by approximately 62.58%, resulting in nearly 6.9 million SHIB tokens being whisked out of circulation. These tokens were removed by way of 10 discrete transactions, each contributing to a dwindling supply of the meme-derived cryptocurrency.

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A closer examination of these 10 transactions reveals that the heftiest singular burns consisted of 2.55 million SHIB, 1.5 million SHIB, and 1 million SHIB, respectively. However, the past week has seen a contrasting trend with a total of 57.6 million SHIB being scorched, this indicates a near 57% decrease from the preceding week which flags a weekly burn rate on the decline.

Despite the aggressive assault on its supply, Shiba Inu’s market price has not reflected a similar level of fervor. The meme coin has currently experienced a modest bump up, registering a slight gain of 0.1% in the last 24 hours and a 1.6% increase over the week. This performance is understated in comparison to other internet sensation coins such as PEPE, BOME, and FLOKI, each seeing more considerable jumps ranging from 6.5% to 11.6%.

In the grand scheme of things, the total number of SHIB tokens that have been incinerated since its inception, total approximately 410.73 trillion SHIB. This number gobbles a sizeable portion of the original quadrillion supply that the anonymous founder, Ryoshi, brought to life in 2020. As it currently stands, the circulated supply of Shiba Inu is about 582.99 trillion SHIB, with an extra 6.28 trillion SHIB secured in a multitude of staking platforms.

On the flip side, the Shibarium layer-2 solution, primed to intensify Shiba Inu’s scalability and efficiency, is witnessing a lull in on-chain activity. The daily transaction count has sharply dwindled over 90%, falling to 11.91k from the mid of last month’s 121.91k transactions.

However, amidst these waves of downturn, crypto guru Dami Defi propounds an optimistic forecast for Shiba Inu’s price trajectory. Noting a descending wedge pattern the meme coin has formed in the one-day timeframe, Dami Defi reckons that a breakout from this pattern could potentially ignite a surge of over 50% in SHIB’s value, catapulting the coin to around the $0.000035 level. As the mysterious world of cryptocurrencies continues to fluctuate, enthusiasts eagerly look forward to how this saga of Shiba Inu unfolds.