The Shiba Inu burn rate witnessed a staggering increase of over 1450% in the past 24 hours following a massive burn of SHIB tokens. This development comes as the meme coin community leverages the current meme coin season to boost SHIB’s burn rate and user base. A whopping 2.9 billion SHIB tokens were burned by the community this week, yet the price hasn’t demonstrated any notable changes, despite the overwhelming trading volumes recorded by other meme coins.
Many believe it’s high time to usher in a rally for SHIB, and this sentiment has risen as the SHIB burn rate soars. According to the Shibburn portal, in a span of 8 transactions, 231,886,112 SHIB tokens were incinerated in the last 24 hours. Consequently, the SHIB burn rate skyrocketed to nearly 1500%. It is noteworthy that the majority of these burns were contributed by two wallets: one dominant Shiba Inu wallet that burned 200,583,666 SHIB tokens, and another that burned 16,324,455 tokens. Even with this considerable reduction, the circulating supply remains at 574.86 trillion.
In an effort to drive up the burn rate, Shibburn announced in June that it plans to launch a website that will still track SHIB burns while offering multiple tools to facilitate the process. Users can expect to earn SHIB through an affiliate program and web3 advertising system. Additionally, Shytoshi Kusama, the lead developer, and the Shibarium telegram group admin have hinted at the possible launch of the Shibarium mainnet near August.
However, amid all this positive news, some skepticism still clouds the future of Shiba Inu. Over the week, the coin continued its sideways movement, declining 15% in May due to the hype surrounding PEPE meme coin and investors’ attention shifting to alternative meme coins. Currently, SHIB trades at $0.0000087, with a 24-hour high and low of $0.00000889 and $0.00000870, respectively.
In conclusion, while the Shiba Inu burn rate has experienced a significant surge, the impact on its price has yet to be seen. As the meme coin market expands, it remains uncertain whether SHIB will ride the wave of optimism or maintain its current course. Regardless, it is essential to conduct thorough market research before investing in cryptocurrencies and to understand that the presented content may include personal opinions of the author, and market conditions are subject to rapid change.
Source: Coingape
