Shiba Inu burn rate increases by 10,990% and so does the price of SHIB – can it reach 1 USD?
2 min readAccording to Shibburn, the Shiba Inu (SHIB) burn rate tracker, SHIB’s burn rate has increased by a whopping 10,990%.
The platform reported that a single transaction burned over 21 million SHIB tokens, marking a significant increase in the token’s deflationary activity. This development has led to an increase of the SHIB price, which begs the question: can Shiba Inu ever reach 1 USD?
SHIB on the move again
The crypto market is booming today with Shiba Inu (SHIB) being one of the best performing tokens. SHIB is currently trading at around 0.00002562 USD.
The resurgence of SHIB coincides with a spike in key indicators related to the Shiba Inu ecosystem. Data from IntoTheBlock shows that SHIB’s combined daily volume (where each transaction is greater than 100,000 USD) is almost 135 million USD. This figure represents an increase of 99% compared to the day before, on June 4.
In addition, Shiba Inu token burning continues unabated. A massive 21.5 million USD SHIB burn has been initiated. SHIB’s recent revival has clearly benefited investors. Currently, 63% of all HODLers are sitting on paper profits, while whales control 73% of the circulating supply.
Shiba Inu Community Conducts Massive 21.5 Million USD SHIB Burn
The Shiba Inu community has initiated a 21.5 million USD SHIB burn. The increase in SHIB token burning has generated excitement among traders and investors. It reduces the total amount of SHIB in circulation, potentially increasing its value. In the past 24 hours, the burn rate of SHIB tokens increased by 10,990%, as reported by Shibburn.
During this period, the community collectively burned a total of 21.5 million SHIB tokens across multiple transactions. Additionally, one wallet address caught attention as they became the biggest contributor to Shiba Inu’s burn rate spike.
The notable contributor with the wallet address 0x498… transferred a total of 21.31 million SHIB tokens to a dead wallet in a single transaction. In addition, other members of the Shiba Inu community performed several token burns, further increasing the burn rate.
As a result of these large transactions, the cumulative amount of SHIB tokens burned has reached an impressive total of 410.72 trillion. The reduction in supply is an important factor that could potentially increase the value of the SHIB token. Furthermore, if demand remains stable or increases, this could be even more beneficial.
Can Shiba Inu earn 1 USD?
According to CoinCodex, SHIB could potentially rise to $0.00006131 on June 25, 2024, an increase of almost 157%, and to 0.00008336 USD on July 2, 2024, an increase of about 250%.
With a current circulating supply of approximately 589 trillion tokens, and a previous all-time high of 0.00008616 USD in October 2021, SHIB could hit a new all-time high if it hits 0.00008 USD again.
Despite falling more than 72% from its peak value, Changelly predicts a rally with SHIB expected to reach 0.00003713 USD by June 10, 2024, a potential upside of 55.6%.
These optimistic forecasts suggest significant price gains in the coming months, despite the challenges of high inventory.
