- SHIB burn rate surged 1500%, removing 33 million tokens in 24 hours, sparking market optimism.
- Shiba Inu’s weekly burn totaled 44 million tokens, boosting scarcity and fueling positive market sentiment.
- December’s burn of 2.67 billion SHIB tokens and Whale’s 220 billion token withdrawal signal bullish momentum.
Shiba Inu (SHIB) continues to captivate the crypto community as its burn rate surged by an astounding 1500% within the last 24 hours, removing 33 million tokens from circulation. The dramatic increase in token burns aligns with the principles of supply and demand, fostering optimism for a potential price appreciation.
Shibarium Adoption Drives SHIB Price Optimism
According to data shared by Shibburn, the official community tracker, the SHIB burn rate reached an impressive 1550%, significantly reducing the circulating supply. Over the past week, 44 million SHIB tokens were burned, highlighting sustained activity in reducing the asset’s availability. Such consistent efforts have sparked growing expectations among market participants, driving positive momentum for the meme token.
Shytoshi Kusama, Shiba Inu’s lead developer, recently announced the upcoming launch of the TREAT token. Expected to bolster the ecosystem significantly, this development has further energized the SHIB community. Market watchers anticipate substantial price gains in the coming years, driven by advancements like the TREAT token and ongoing SHIB burns.
Furthermore, the growing adoption of the Shibarium blockchain has amplified interest in Shiba Inu. Shibarium’s role as a hub for decentralized applications showcases its potential to support various use cases, adding long-term value to the ecosystem. These developments align with analysts’ projections of a bullish short-term outlook for Shiba Inu.
SHIB’s Burn Mechanism and Long-Term Sustainability
The SHIB burn mechanism focuses on permanently removing tokens from circulation, creating scarcity and increasing demand. In the past 24 hours, 33.01 million SHIB tokens were burned, while weekly statistics revealed a total of 44.03 million tokens eliminated from circulation. The consistent reduction in SHIB’s supply has positioned the coin as a potential bullish contender in the meme coin market.
December alone saw the burning of 2.67 billion SHIB tokens, bringing the total for 2024 to a staggering 44.62 billion. The consistent burn activity has contributed to a growing confidence in SHIB’s future performance. Additionally, a dormant whale’s withdrawal of 220 billion tokens from Binance signals a shift toward self-custody and long-term holding.
SHIB’s price has seen a modest uptick following the increased burn activity and whale transactions. At the time of writing, Shiba Inu is trading at $0.00002409, reflecting a 2.49% decrease in the past 24 hours. Trading volume has surged by 22%, reaching $510 million, according to CoinMarketCap data. Despite a 21% drop in SHIB’s price over the past month, the token is gaining momentum.
Read More: Shiba Inu Burns 17 Million Tokens Amid Solana’s Bullish Surge
