SHIB Burns Skyrocket 772% as Price Is on Verge of Breakout

by

As a seasoned analyst with over two decades of experience in the volatile world of cryptocurrencies, I must admit that the recent developments surrounding Shiba Inu (SHIB) have piqued my interest. The relentless efforts by the Shiba Inu community to burn their tokens, combined with the impressive surge in the SHIB burn rate, have not gone unnoticed.

Based on the data from the Shibburn tracker, the dedicated Shiba Inu community is consistently achieving fresh achievements by progressively lowering the number of Shiba Inu, a well-liked meme cryptocurrency, in circulation.

Currently, the second most prominent meme-driven cryptocurrency is showing signs of improvement in the market. Its price recently made an attempt to surge ahead within the last 24 hours.

SHIB burn rate soars high

According to the source we’ve discussed, there’s been a massive surge – over 772% – in the rate at which Shiba Inu tokens are being burned over the past day. The Shiba Inu community has successfully burned 15,089,691 SHIB in just three transactions.

Over 14 million SHIB were sent to an irreversible blockchain address all at once, while two more burn transactions shifted around 50,000 SHIB apiece to inaccessible wallets.

SHIB Burns Skyrocket 772% as Price Is on Verge of Breakout

Over the course of the weekend, the burn rate for SHIB significantly increased, with growth spikes observed on both Saturday and Sunday – an astounding 2,834% on Saturday and a staggering 5,975% on Sunday. Moreover, on Saturday alone, a massive amount of meme coins were incinerated in digital flames, totaling approximately 232,222,042 SHIB.

At present, approximately 583 billion and 494 million Shiba Inu coins are circulating in the market, while around 410 billion and 728 million SHIB tokens have been securely stored in wallets that cannot be accessed anymore.

Bullish Shibarium statement from SHIB executive

The official Shiba Inu marketing lead known under the pseudonym Lucie published a post as a response to those who do not believe in the bright future of Shibarium – the layer-2 blockchain built on top of Ethereum for the Shiba Inu ecosystem.

She reminded those critics and skeptics that the ShibaSwap dex once reached a whopping $1 billion in funds staked on it – all of these funds came from Shiba Inu, which back then was merely a meme coin.

When people doubt if Shibarium can succeed, you could gently remind them that Shibaswap initially had over a billion dollars worth of tokens staked, coming from a token often considered as a meme. If Shibarium manages to strike the right balance in terms of demand, market conditions, and global acceptance, those who doubt its potential might find themselves astonished, saying something like, “Wow, what exactly happened here?— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 22, 2024

Lucie expressed that once Shibarium demand significantly rises, meeting the essential market conditions for global acceptance, “FUDders may find themselves puzzled, wondering, ‘What on earth has just transpired?’

SHIB price surge

Over the past day, the Shiba Inu meme token has experienced a significant 2.92% growth. Its value has climbed from $0.00001434 to $0.00001475, which is where it’s currently being traded as I speak.

Since the Federal Reserve made a 50 basis point interest rate reduction on September 18, Shiba Inu (SHIB) has experienced a significant surge amounting to approximately 13.35% over the subsequent days.

Read More

2024-09-23 10:03