Shiba Inu Burn Rate Skyrockets by 68,000%, Sparking Speculation of an Upcoming Price Spike

In a surprise development, the cryptocurrency world is in a whirl, as Shiba Inu's burn rate – the process of permanently removing coins from circulation

Shiba Inu’s burn rate has experienced an astronomical rise of over 68,000% within 24 hours, as reported by Shibburn. This substantial increase has drawn the attention of the global cryptocurrency community.

According to Shibburn, seven wallet addresses have played a significant role in burning a total of 7.6 million SHIB tokens, leading to the remarkable burn rate. Three transactions from these addresses were particularly impactful.

Wallet ‘0x60’ burned the most SHIB tokens, single-handedly contributing to the elimination of 4.3 million tokens. This wallet was also involved in an additional major burn.

Another wallet, ‘0xc6,’ burned 1.5 million SHIB tokens.

In total, 410.7 trillion Shiba Inu tokens have been removed from circulation, leaving the current circulating supply at 589.2 trillion.

This ongoing practice of removing Shiba Inu from circulation aims to create scarcity, which could potentially lead to a price increase in the long term. However, the immediate impact on the virtual asset’s market price appears to be minimal.

Despite the burn activity, SHIB’s market price has shown a slight decrease. Over the previous day, the price of SHIB has dropped by 0.5%, bringing the cost to $0.00002325. This decrease is part of a broader dip, with SHIB experiencing a nearly 6% fall over the past week.

As the cryptocurrency market continues to fluctuate, Lucie, the social media marketing lead of the SHIB team, has shared her thoughts on the possibility of a SHIB-related exchange-traded fund (ETF) on Elon Musk’s social media platform, X.

Lucie has expressed her curiosity about whether prominent financial firms will recognize the importance of SHIB to future financial plans. She hopes for a deep understanding from major institutional units like BlackRock, highlighting the unique value that SHIB brings to the trading table.

Reaffirming the team’s hard work in pursuing their foundational vision and expansion, Lucie has emphasized the team’s goal to create something substantial for the future of decentralized finance (DeFi).

In Lucie’s words, these endeavors are aimed at empowering people across diverse social strata, encouraging the freedom of choice, and promoting inclusivity in financial engagement. She has concluded by rallying the community with the statement: “All Hail Shibarium.”