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Previously known for opening the doors to vast wealth for its investors and dubbed the Dogecoin killer in its early days, Shiba Inu’s remarkable increase in burn rate on Tuesday once again gathered the crypto world’s focus on the meme coin. This increase in burning activity occurred amidst a rise in SHIB’s price, which was well-received in the broader crypto market.
The Future of Shiba Inu
In recent days, the Shiba Inu community has burned millions of SHIB, leading to an increase in market optimism for the token. As a reflection of this, the SHIB price has begun to rise, potentially influenced by the potential approval of a Bitcoin ETF, positioning it at the center of global interest.
According to data presented by Shibburn, the leading platform for tracking SHIB burns, the community has burned 33.88 million SHIB in the last 24 hours. As a result of these transactions, there was a 906.27% increase in the burn rate for Shiba Inu on Tuesday, January 9th.
Additionally, the Shiba crypto community has burned a total of 410.69 trillion SHIB since its inception, contributing to the tokenomics of the meme coin. In continuation of this, the community appears to have sent 30.97 million SHIB to a dead wallet today.
Investors were also excited by the team’s recent announcement of burning 9 trillion SHIB. Furthermore, the anticipation of Shibarium’s burn system becoming automated this month has also sparked significant interest among investors.
Shiba Inu Price
While all this is happening, the SHIB price chart has reflected notable gains in line with the meme coin’s burning activities. As of this writing, the Shiba Inu price has risen by 5.34% in the last 24 hours to $0.00000948, showing impressive performance.
Despite this, weekly and monthly charts highlight significant declines. SHIB’s price has fallen by 12% over the past 7 days. A monthly review shows an 8% decrease in the meme coin’s value.
Despite the overall downtrend in price, today’s price increase is primarily associated with the observed growth in the burn rate and continues to support a bullish sentiment for the token.
If the Shiba community and team continue to perform burns, SHIB could potentially start a real upward movement and help the price move towards the long-dreamed $1 level since its inception.
