Shiba Inu Burn Rate Soars by 88,000%: Anticipated SHIB Price Increase?
Explore the recent surge in Shiba Inu's token burning mechanism and its implications for future prices.
The second-largest meme coin has struggled recently, but the recent increase in its burning mechanism might indicate promising times ahead.
Additional signs that a price increase may be imminent include the resurgence of Shibarium’s operations and a decline in the number of SHIB tokens held on exchanges.
SHIB Burning Surges
The X account Shibburn revealed that nearly 30 million Shiba Inu tokens were destroyed within the last 24 hours, marking an astonishing 88,250% rise from the previous day. This burning initiative aims to lessen the overall supply of SHIB, potentially boosting its value if demand stabilizes or increases. Since its introduction in 2022, the total number of burnt tokens has reached 410.75 trillion, with about 585.22 trillion remaining in circulation.
SHIB Supply, Source: Shibburn.com
Another favorable development for SHIB supporters is the upturn in Shibarium’s activity. Daily transactions on this platform have recently surpassed 10,000, rising from the previous range of 2,000 to 5,000. Although this is still below the record highs seen earlier this year, it suggests enhanced ecosystem activity, potentially benefiting the token’s price.
Shibarium transactions, Source: Shibariumscan.io
Moreover, the number of Shiba Inu tokens on exchanges has fallen just over 82 trillion, approaching a four-year low recorded days ago. This trend implies that investors are moving assets from centralized exchanges to self-custody solutions, decreasing the immediate selling pressure.
SHIB Exchange Reserves, Source: CryptoQuant
SHIB Price Forecast
Currently, the meme coin trades at approximately $0.00001043, reflecting a 12% decline over the past month, with its market cap nearing $6 billion, making it the 34th largest cryptocurrency.
Despite recent downturns, many in the Shiba Inu community believe a significant recovery is forthcoming. X user Shib Spain predicted a potential “massive rally,” estimating a price rise beyond $0.00001350. Analyst EtherNasyional echoed this optimism, asserting:
“Shiba Inu momentum is at historic lows. The price is quietly gathering strength in a major demand zone. This silence could be the sound of accumulation. And every accumulation has its breakout.”
