Shiba Inu (SHIB) is making waves in the crypto market with an explosive 28,554% surge in its burn rate over the last 24 hours. According to Shibburn data, a staggering 29,440,541 SHIB tokens were permanently sent to dead addresses, reducing the circulating supply significantly.
This sudden surge in token burns has now contributed to the removal of a total of 410,752,751,924,444 SHIB tokens from circulation. The primary goal behind this massive burn effort is to combat inflation and ensure long-term value growth within the Shiba Inu ecosystem. Reducing the supply of tokens aims to create scarcity, a factor that can drive up the value of remaining tokens if demand follows.
Shiba Inu has seen similar burn events in the past, where tokens were burned in large quantities over short periods. Notably, a previous burn event removed over 9.7 million SHIB tokens in 24 hours, while another burn saw a 27,014% surge, wiping out more than 43 million SHIB tokens. Such massive burns are often linked to community-driven initiatives, whale movements, or milestones within the Shiba Inu ecosystem, particularly on Shibarium.
Could This Burn Surge Lead to a Price Breakout?
With this massive burn surge, many are wondering if SHIB could be gearing up for a price breakout. Historically, spikes in the burn rate have often been accompanied by price rallies. In the past, such events led to SHIB climbing by 4-5%, testing key resistance levels like $0.00002. This latest burn surge, paired with growing market activity, could spark a similar bullish move.
At the time of writing, SHIB is trading at $0.00001049, up 2.45% over the past 24 hours. The trading volume has surged by over 79%, reaching $175.6 million. This significant increase in trading activity highlights the growing interest and optimism surrounding SHIB.
Additionally, exchange inflows have seen a sharp decline, dropping by over 62% in just 24 hours. This suggests that fewer tokens are being prepared for sale, signaling that holders are becoming more confident in SHIB’s future price potential.
With the combination of a growing burn rate, rising market activity, and decreasing exchange inflows, Shiba Inu is poised for a potential breakout. If demand increases and the community continues to reduce supply, SHIB’s value could see substantial growth in the near future.