Shiba Inu Burn Rate Surge 24,271% While Shibarium Transactions Spike, Catalyst For Rally To $0.00008?
02 Novembro 2024 - 10:30PM
NEWSBTC
The Shiba Inu burn rate has experienced a dramatic rise, soaring by
over 24,271% in just one day. This massive token burn, as reported
by the Shibburn tracking platform, coincides with a notable uptick
in Shibarium transactions. Considering the significant volume of
tokens burned in these large-scale SHIB transactions, this
development could potentially serve as a catalyst for a rally,
propelling the Shiba Inu price towards the $0.00008
milestone. Shiba Inu Burn Rate And Shibarium Transactions
Skyrocket The Shiba Inu community has been filled with optimism as
reports of an increase in SHIB burns spread across the crypto
market. Just this week, recent data revealed that the Shiba Inu
burn rate, which measures the number of tokens permanently removed
from circulation, has seen a dramatic increase in the last few
days. Related Reading: Dogecoin Bollinger Bands Squeezes
Tighter Than It Was Before 2021 Rally, What This Means The Shibburn
tracker reported a massive 24,271% increase in SHIB burns in a
single day, destroying approximately 5,674,617,337 SHIB tokens.
Earlier this week, Shibburn unveiled yet another significant rise
in Shiba Inu burns via X. According to the SHIB burn tracking
platform, the rate of tokens burned on October 31 had increased by
an astounding 373,969.11% in just one day. This massive burn rate
resulted in over 5.6 billion SHIB tokens sent to dead wallets.
Furthermore, in the last 24 hours Shiba Inu recorded a historic
moment as $100,019 worth of SHIB tokens were burnt in a single
day. Notably, the SHIB burn rate has not been the only metric
rising in the SHIB ecosystem. Lucie, SHIB’s marketing lead revealed
in a recent X (formerly Twitter) post, that the daily transactions
on the Shibarium Layer-2 network has skyrocketed to 3.89 million,
recording a total transaction count of 446,904,690 at the
time. The Shiba Inu marketing lead commemorated Shibarium
builders, particularly WoofSwap for its steadfast commitment
towards driving growth and innovation in the Shibarium ecosystem.
Lucie disclosed that last year, WoofSwap had achieved a major
milestone for the Shibarium network after they initiated a
significant minting push that contributed to Shibarium burning
nearly $1 million worth of SHIB tokens. Can Recent Rise
In SHIB Burns Fuel Surge To $0.00008? The ongoing increase in SHIB
burns, coupled with the recent rise in Shibarium transactions,
marks a significant milestone for the Shiba Inu community. This
achievement reflects the community’s desire for additional SHIB
burns aimed at enhancing the token’s scarcity and driving more
demand. Related Reading: PEPE Midterm Price Prediction: Is A
326% Rally To $0.00003474 Possible From Here? Typically, when a
cryptocurrency is burnt, it means that it has been completely wiped
out of circulation, which often creates scarcity and can lead to a
potential price increase as demand for the cryptocurrency
rises. In the case of Shiba Inu, the meme coin has a total
circulating supply of 589.26 trillion SHIB. Of this substantial
supply, 410.7 trillion SHIB tokens have been burned, representing
nearly half of its original total supply of 1 quadrillion at its
launch hour four years ago. Continuous SHIB burns could see
the price of Shiba Inu rallying back to former all time highs of
$0.000086. Moreover, the optimism generated from the burns is set
to drive demand and potentially fuel gradual increase in the
SHIB price to $0.00008. As of writing, the price of
Shiba Inu is trading at $0.000017, marking a 2.3% rise in the last
24 hours. A price increase to the $0.00008 mark would require Shiba
Inu jumping by approximately 370.59%. Featured image created
with Dall.E, chart from Tradingview.com
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