The burning rate of the popular dog-themed meme coin, Shiba Inu, saw a striking increase of approximately 1000% on Friday. According to recent data shared by a token burning tracker, over 6 million coins have been permanently removed from circulation. This development has heightened expectations among traders for an increase in the price of SHIB.
Shiba Inu’s Burning Rate Surges to 1000%
As reported by Shiba Inu burning tracker Shibburn on January 24, the intraday burning rate reached a remarkable level of 1041%. A total of 6.7 million tokens were taken out of circulation, reinforcing price increase expectations in accordance with the laws of supply and demand among investors and traders.
The burning mechanism permanently removes SHIB tokens from circulation by sending them to an invalid address. Following this large-scale burning, a decrease in supply while demand remains constant has led market observers to anticipate an active upward trend.
Community Developments Boost Optimism
Additionally, it has been noted that the Shiba Inu community has achieved significant success recently. The introduction of ShibOS, a revolutionary step in the Web3 space, signals positive developments for the meme coin’s future.
ShibOS enables users to seamlessly transition from Web2 to Web3 for various applications. This progress, along with the increase in the burning rate, has enhanced positive expectations regarding the long-term outlook for Shiba Inu.
What Lies Ahead for SHIB?
At the time of reporting, SHIB is trading at $0.00002028, reflecting an increase of over 1%. The cryptocurrency recorded a 24-hour low and high of $0.00001954 and $0.00002047, respectively. The overall price chart indicates that the meme coin is undergoing a consolidation phase.
The recent rise in Shiba Inu’s burning rate and developments may pave the way for significant gains in the future. According to the latest price analysis from CoinGape, breaking the $0.00002 level is critical for an upward movement. Traders and investors are closely monitoring SHIB’s price movements.
This surge in Shiba Inu’s burning rate and innovations by the community could positively impact prices if demand remains constant alongside decreasing supply. However, given the volatile nature of cryptocurrency markets, caution is advised for investors.
