Shiba Inu Burn Milestone Sparks Price Breakout Hope

Amid ongoing burn efforts, the Shiba Inu (SHIB) community has incinerated over 16 million tokens, contributing to a 162.85% spike in the daily burn rate. Despite recent price fluctuations, SHIB remains within range and analysts, including SHIB team members, anticipate a new all-time high following the upcoming Bitcoin halving in late April. SHIBarium, the layer-2 scaling solution for SHIB, has reached new milestones, with over 413 million transactions and 1.39 million linked wallets.

Shiba Inu Community Achieves Significant Token Burn Milestone, Triggering Price Breakout Speculation

SHIB Burn Rate Surges by Triple Digits

The Shiba Inu community has intensified its efforts to reduce the circulating supply of the token through a concerted burning campaign. Over the past 24 hours, the daily burn rate has witnessed a remarkable spike of 162.85%, resulting in the destruction of over 16.2 million SHIB tokens across nine separate transactions. The largest single burn transaction accounted for the incineration of 5.03 million SHIB, while two subsequent transactions burned approximately 3 million SHIB each.

SHIB Price Attempts to Break Out

Coinciding with the surge in burn activity, the price of SHIB has embarked on a breakout attempt within the last 24 hours, gaining a modest 2.40% before experiencing a subsequent decline of 1.2%. Overall, SHIB has faced a cumulative loss of 4.47% since Thursday and a 11.76% drop since the start of the week.

Community Anticipates Post-Bitcoin Halving Price Surge

Despite the recent price fluctuations, many analysts and members of the SHIB team remain optimistic about the token's future prospects. Notably, analyst Armando Pantoja predicts that SHIB will reach a new all-time high (ATH) of over $0.001 following the upcoming Bitcoin halving in late April. He also identified other altcoins, including Dogecoin, Cardano, Solana, and XRP, as candidates for significant price gains after the halving event.

Lucie, the official marketing lead of SHIB, has likewise expressed her anticipation for a new SHIB ATH either shortly before or after the halving.

Shibarium Network Marks Milestones

In parallel with the community's burn efforts, the Shibarium network, a layer-2 solution for the Shiba Inu ecosystem, has achieved several notable milestones. According to the Shibariumscan explorer, Shibarium has processed over 413 million transactions to date, with a total of 1.39 million wallets connected to the network. While the daily transaction count remains stable at around 11,510, it has experienced a significant increase from 5,500 earlier this week.

Conclusion

The Shiba Inu community's unwavering commitment to reducing the circulating supply through token burns continues to shape the token's trajectory. The recent surge in burn activity and the price breakout attempt suggest that the community remains confident in the asset's long-term value. Meanwhile, analysts and members of the SHIB team anticipate a significant price rally following the upcoming Bitcoin halving, further bolstering the optimism surrounding the token's future.