Shiba Inu (SHIB) experiences a 567% surge in burn rate, with 121,210,538 SHIB tokens burned on October 24.
- Shiba Inu’s burn rate soars by 567%, with 121,210,538 SHIB tokens burned.
- Total SHIB tokens burned now exceed 410 trillion, hinting at reduced supply.
- SHIB price experiences a 3% increase, reaching $0.000007386.
- Shibarium’s launch brings hope for sustainability and potential further burns.
The burn rate of Shiba Inu (SHIB) has taken an impressive leap, capturing the attention of the Shiba Inu community. On October 24th, a staggering 121,210,538 SHIB tokens were incinerated, marking a remarkable 567% surge from previous levels, as reported by Shibburn, the SHIB burn tracking platform.
Sustainability of the Momentum
The cumulative number of SHIB tokens reduced to ashes now stands at an astonishing 410,643,987,410,621. While 579,861,188,397,103 SHIB tokens still circulate, the ongoing reduction in supply sparks optimism among SHIB enthusiasts, suggesting the potential for substantial price surges down the line.
In tandem with the broader cryptocurrency market’s upward momentum, SHIB’s price has embarked on a parabolic run. At the time of writing, Shiba Inu exhibits a 3% gain, valuing itself at $0.000007386.
Remarkably, trading volume for the token has surged by over 128%, registering a total of $256 million traded overnight. These figures underscore the growing enthusiasm and demand for this meme coin.
While achieving an extraordinary growth surge in the burn rate is undoubtedly impressive, the real challenge lies in sustaining this momentum. Enter Shibarium, a promising Layer-2 scaling solution, offering hope to SHIB enthusiasts. Shibarium is poised to play a pivotal role in maintaining sustainability by facilitating the removal of more Shiba Inu tokens from circulation.
— U.Today (@Utoday_en) October 24, 2023
In response to the demand for sustainability, the development team, led by industry figure Shytoshi Kusama, has teased investors with the prospect of a potential burn portal. Although the official launch date remains undisclosed, this burn portal holds the promise of significantly reducing the circulating supply and potentially further impacting SHIB’s price trajectory.
The surge in the burn rate, coupled with the parabolic price increase, bodes well for SHIB holders. The gradual reduction in supply, driven by the impressive burn rate, hints at the potential for substantial long-term price appreciation. As SHIB tokens become scarcer, demand may rise, bolstering the meme coin’s value.
Moreover, the increase in trading volume indicates a thriving SHIB market, with more investors actively participating. This heightened trading activity provides liquidity and reinforces the strong demand for SHIB within the ecosystem.