Shiba Inu (SHIB) Burn Rate Skyrockets Nearly 70,000%: Will This Trigger A Long-Awaited Price Explosion?

In an unexpected turn of events, the Shiba Inu (SHIB) burn rate has witnessed an ‘astronomical’ increase, propelling the metric by over 68,000% within 24 hours. This surge, captured by Shibburn, a platform dedicated to tracking SHIB token burns, has sparked significant attention within the cryptocurrency community. Related Reading: Shiba Inu Price Could Skyrocket By 1,100%, Predicts Analyst Unprecedented Surge In Shiba Inu Burns – Details Shibburn’s latest data highlights a massive spike in SHIB burns, initiated by a collective effort from the Shiba Inu community. Over the past day, seven wallet addresses contributed to a burn of 7.6 million SHIB tokens, dramatically escalating the burn rate to approximately 68,316%. Notably, three transactions from these addresses were particularly significant, with one wallet identified as ‘0x60’, burning roughly 4.3 million SHIB alone. This wallet, responsible for the largest single transaction, also recorded another major burn, bringing its total to over 5 million Shiba Inu burned in the past day. The second wallet, identified as ‘0xc6,’ also contributed notably, burning 1.5 million SHIB tokens just an hour ago, although this was a smaller amount than the first. The substantial increase in burned tokens has pushed the total number of Shiba Inu removed from circulation to approximately 410.7 trillion, with the current circulating supply at 589.2 trillion. The continuous removal of Shiba Inu from circulation aims to create scarcity, potentially driving up the price in the long term, although the immediate effects on market price remain subdued. Market Challenges And SHIB’s Vision For DeFi Despite the significant burn activity, SHIB’s market price has not mirrored the enthusiasm in the burn metrics. Over the last 24 hours, SHIB’s price has declined by 0.5%, setting the price at $0.00002325. This decrease is part of a broader downward trend, with SHIB experiencing a nearly 6% fall over the past week. Amid these market activities, Lucie, the SHIB team’s social media marketing lead, shared insights on Elon Musk’s social media platform, X, earlier today about the potential for a SHIB-based exchange-traded fund (ETF). She expressed concerns about whether financial institutions would recognize the importance of SHIB for future financial planning. Lucie hoped for a broader understanding from major financial entities like BlackRock, emphasizing the “unique value” SHIB brings to the market. She also stressed the team’s commitment to their original vision and growth, highlighting their efforts to build something meaningful for the future of decentralized finance (DeFi). Related Reading: Shiba Inu Open Interest Returns To February 2024 Levels, What Happened Last Time? According to Lucie, their initiatives aim to “empower individuals” across all levels of society, promoting freedom of choice and inclusivity in financial participation. Concluding her statement, Lucie rallied the community: “All Hail Shibarium.” How is the Shib ETF? I honestly don’t know if institutions will understand how important $SHIB is to people and their future finances. I wish @BlackRock would understand the magic and power of $SHIB, but let’s see how visionary they are. The most important thing for us is to… pic.twitter.com/yI7hzQGLVo — 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) June 10, 2024 Featured image created with DALL-E, Chart from TradingView