- Shiba Inu has seen a significant uptick in the daily number of token burns.
- The recent surge in burns has coincided with a recovery from recent price lows.
- In the past 24 hours, the Shiba Inu burn rate has doubled, reflecting growing positive sentiment among investors.
Explore the latest surge in Shiba Inu token burns and what it means for the future of this popular meme coin.
SHIB Burn Rate Surges by 101%
Shibburn, a website dedicated to tracking Shiba Inu token burns, has reported a significant increase in the burn rate. Over the past 24 hours, approximately 19.6 million tokens have been sent to dead wallets, up from around 10 million the previous day, representing a 101% increase.
This surge to 19.6 million tokens was executed across 11 separate transactions. The most substantial single transaction burn accounted for 8.5 million tokens. The originating wallet also completed two other transactions, burning 1 million and 2 million tokens respectively, culminating in over 11.5 million tokens removed from circulation. This single contributor represents more than half of all tokens burned during this period.
Additional noteworthy transactions include a single wallet that burned 7.1 million tokens through three transactions, and another wallet that incinerated 1.1 million tokens via two transactions. Collectively, these actions drove the daily burn count close to 20 million tokens.
Despite the recent uptick in daily burns, the weekly burn rate has not fared as well. Data from Shibburn indicates that 96.97 million tokens were burned over the past week, which is a 48.34% decrease compared to the preceding week’s figures.
Shiba Inu’s Potential to Hit a New All-Time High
In light of Shiba Inu’s recent price fluctuations, crypto analyst Zach Humphries has provided insights into the potential future growth of SHIB. He postulates that Shiba Inu’s market capitalization could climb to an impressive $100 billion from its current $10 billion, representing a tenfold increase.
If this projection holds true, Shiba Inu’s price could soar to $0.00017, achieving a new all-time high. Besides SHIB, Humphries highlighted other cryptocurrencies such as PEPE and Base’s BRETT, forecasting market capitalizations of $50 billion and $30 billion respectively.
Currently, Shiba Inu’s price remains at $0.000017, after experiencing a 4.5% decline over the past week. Its market capitalization has also slipped, moving it behind Tron’s TRX to become the 12th-largest cryptocurrency.
Conclusion
The recent increase in Shiba Inu token burns is a positive indicator of investor sentiment and a potential harbinger of future price gains. While the weekly burn rate has seen a decline, the significant daily burns suggest that the community is actively working to reduce supply and enhance the value of the meme coin. As market dynamics continue to evolve, these efforts could pave the way for Shiba Inu to reach new all-time highs, bringing considerable returns to its investors.
