Over 82.14 million Shiba Inu (SHIB) tokens have been burned, resulting in an extraordinary 4,111.57% increase in the burn rate over the past 24 hours.
Shibburn, the dedicated Shiba Inu burn tracker, monitored the development.
Can Shiba Inu Price Surge 24%?
The process of burning these tokens involves permanently removing them from circulation by transferring them to a dead wallet. This method is strategically designed to decrease the overall supply of SHIB, thereby increasing its scarcity and potential market value.
Following this recent burn, the total number of SHIB tokens destroyed has climbed to over 410 trillion, with roughly 589 trillion SHIB remaining in active circulation.
Read more: Shiba Inu Burn Rate Explained: Understanding Token Burning
Despite the substantial volume of tokens burned, the immediate price impact on SHIB has been minimal. The 82 million SHIB destroyed in this latest event is approximately worth $2,035, which is relatively small and, therefore, not sufficient to trigger a significant price surge for the token.
Nevertheless, the sharp increase in the burn rate has revived optimism within the Shiba Inu community. Members and investors hope the upcoming SHIB burn portal will further amplify token deflation, potentially leading to more significant price movements.
“Recent upgrades and bullish market stats support SHIB’s green trading trend,” Shiba Inu enthusiast Dylan wrote.
Moreover, Shiba Inu has implemented significant technological advancements in its quest to move beyond its meme coin origins. The introduction of Shibarium, an Ethereum layer-2 scaling solution, marks a crucial step in enhancing the blockchain’s efficiency.
This upgrade includes a major hard fork completed last week, which promises faster transactions and more stable gas fees, likely improving the overall user experience on the network.
Additionally, the Shiba Inu team reportedly raised $12 million in April to develop a new layer-3 blockchain. This fundraising effort attracted contributions from prominent investors such as Polygon Ventures, Mechanism Capital, and Animoca Brands.
Recent technical analysis from BeInCrypto suggested a potential 15% increase in SHIB’s price, aiming for $0.00002625. After reaching this level, the token experienced a modest decline of about 4%, reflecting ongoing market volatility. However, SHIB is now forming an inverse head and shoulder chart pattern.
Read more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
Analysis indicates that the potential breakout could elevate SHIB’s price by over 24% to $0.00003103. However, should this breakout not occur, the token might find support at approximately $0.00002349.
Disclaimer
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