SHIB Burn Rate Soars 1000%: Price Rally Ahead?

The impressive feat resulted in a remarkable 1347.58% increase in the SHIB burn rate

SHIB Burn Rate Soars 1000%: Shiba Inu (SHIB) is looking to become more than just another meme coin in 2023. Its community is burning tokens at record rates while the developers are building its infrastructure to influence the DeFi market. The cryptocurrency's passionate community is well-known for its enthusiastic support, which is evident from the abundance of discussions on social media platforms like Reddit and Twitter regarding the coin's potential. Moreover, the community has organized various initiatives, including charitable donations to animal shelters, to demonstrate their unwavering dedication to Shiba Inu.

SHIB Burn Rate Surged More Than 1000%

The SHIB burn rate refers to the process of removing tokens from circulation, reducing the total supply, and potentially increasing the value of the remaining tokens.

The Shiba Inu community, in conjunction with the recent launch of the Shibarium testnet, continues to make significant strides in reducing the supply of SHIB tokens. In a remarkable display of commitment, the SHIB army successfully burned an equivalent number of meme tokens as those transferred to inactive wallets over the past week.

According to data from the Shibburn tracker, a staggering total of 225,049,340 Shiba Inu tokens were permanently removed from circulation in just several transactions within the last day. This impressive feat resulted in a remarkable 1347.58% increase in the burn rate.

The milestone signifies the strong demand and interest in SHIB within the crypto community. As more tokens are burned, the scarcity of SHIB increases, potentially boosting its value. Out of a total quantity of 1 quadrillion tokens, around 410.63 trillion have been destroyed since this meme coin introduction. The freshly created Koyo token project advanced with a significant burn of the meme coin last month, obliterating an amazing 1.49 billion tokens in a single transaction, as CryptoGlobe reported.

Shiba Inu Price to Reach New Heights?

In 2023 Shiba Inu announced that it will release a layer 2 scalability project called Shibarium. The project was designed to improve Shiba Inu's utility and drive its value to become a leading meme coin.

At the time of writing, Shiba Inu's price is hovering over $0.000008759 (down 0.33%) in the past 24 hours. The current CoinMarketCap ranking is #15, with a live market cap of US$5,154,861,804. It has a circulating supply of 589,353,535,238,474 SHIB coins and the max.

However, Shiba Inu saw a buying frenzy last week with a purchase of 21.5 trillion tokens. This surge in buying activity has led to a price uptick, making it a focal point in the crypto universe. As of now, reaching US$1 would require a substantial increase. While it's not impossible, such a leap would require significant market factors to align, including a substantial influx of capital, wider acceptance of the coin, and favorable regulatory circumstances.