Shiba Inu Burn Rate Skyrockets by 2,296%, Sparking Hopes of a Bullish Revival

The broader crypto market has witnessed a massive surge in the Shiba Inu burn rate, with the metric skyrocketing by 2,296% in just one day.

The burn rate of shiba inu has skyrocketed by 2,296%, indicating the community's efforts to decrease the overall supply. This could pave the way for a new bullish phase for the meme coin.

Shiba Inu Burn Rate Surges 20,509%

The burn mechanism is crucial to shiba inu's deflationary strategy, aiming to reduce the token supply over time. According to burn portal Shibburn, the SHIB burn rate has increased by 20,509.95% in the last 24 hours.

This surge has resulted in 1.28 billion SHIB tokens being burned. The high burn rates are largely attributed to the community, with members of the shiba inu ecosystem actively pushing for greater token burns.

Shibburn's burn updates on X (formerly Twitter) show millions of tokens being sent to dead wallets every hour. The massive increase in the burn rate marks a significant achievement in the SHIB community's attempt to reduce supply and potentially boost the value of the meme coin.

Shibtoshi, the founder of SquidGrow, a utility meme coin, is among the major contributors to the recent spike in SHIB burn rate. According to Lola, a popular Shiba Inu community member on X, Shibtoshi burned over 1 billion SHIB tokens, valued at $25,633.

Shiba Inu Price Analysis

A spike in SHIB's burn rate may not directly trigger a price increase but can influence the market sentiment and scarcity, which is key for the ecosystem's sustainability and the meme-based token's long-term growth.

However, a surge in burn activity could indicate the community's enthusiasm for reducing the token supply, which may be a bullish factor for the meme coin.

At the time of writing, SHIB is trading at $0.000025, showing a 3.38% surge in the past week, data from CoinMarketCap reveals.

The popular meme coin experienced a major bull rally earlier this month, recording double-digit gains as it followed the Dogecoin price surge.

Factors like broader market sentiment, the post-election crypto rally, and the increased demand for meme coins have pushed the Shiba Inu price upwards. Moreover, as SHIB burn activity rises, this could serve as another bullish catalyst for the meme coin.

On a related note, analyses like ‘Shib Spain’ on X have forecasted a massive price breakout for SHIB. He shared a price chart suggesting that if the meme coin can break out of its current triangle pattern, it could potentially reach a price high of $0.000038.