Shiba Inu Burn Rate Spikes, Price Nearing Breakout
According to Shibburn, the Shiba Inu community has achieved a new milestone, continuing to drastically reduce the circulating supply of this popular meme coin. Over the last 24 hours, the SHIB burn rate has increased by an impressive 772%, showing strong community involvement in boosting scarcity.
15,089,691 SHIB were burned in just three transactions. The largest transfer, consisting of 14,980,422 SHIB, was sent to an unspendable blockchain address. Two smaller transfers, moving 50,000 SHIB each, also contributed to this sharp rise.
The burn rate surge started over the weekend, with Saturday showing an astronomical 2,834% increase and Sunday pushing the burn rate up by 5,975%. A staggering 232,222,042 SHIB was burned on Saturday alone.
Currently, there are 583,494,740,394,717 Shiba Inu coins in circulation, while 410,728,825,806,575 SHIB have been permanently locked away in dead-end wallets.
Bullish Shibarium Outlook
Lucie, the official marketing lead for Shiba Inu, recently fired back at skeptics doubting the future of Shibarium, the layer-2 blockchain built atop Ethereum. She pointed out that ShibaSwap once saw $1 billion in funds staked on it, despite SHIB being considered just a meme coin at the time. Lucie is confident that once Shibarium reaches a sweet spot of market conditions, demand, and global adoption, the naysayers will be left in disbelief.
She emphasized:
“When people say Shibarium won’t make it, just remind them ShibaSwap once had $1 billion staked—all from a ‘meme’ token.”
Shiba Inu Price Surge
In the past 24 hours, Shiba Inu’s price saw a notable increase of 2.92%, pushing it from $0.00001434 to $0.00001475. Since the Fed’s announcement of a 50-basis-point rate cut on Sept. 18, SHIB has jumped by a solid 13.35%.
With strong community engagement in SHIB burning and positive price movements, Shiba Inu may be on the verge of a significant breakout.
