Shiba Inu (SHIB), once dubbed the “Dogecoin killer,” has seen a significant surge in its burn rate, drawing renewed attention in the crypto world amid a price increase. The community recently burned millions of SHIB tokens, boosting market optimism and spotlighting SHIB as it potentially benefits from the anticipation of a Bitcoin ETF approval.
Shibburn, a platform tracking SHIB burns, reported a 906.27% increase in the burn rate with 33.88 million SHIB tokens burned in the last 24 hours. The Shiba community has contributed to the token’s deflationary mechanism by burning a total of 410.69 trillion SHIB since its inception.
The Shiba team’s announcement of a 9 trillion SHIB burn and the upcoming automation of Shibarium’s burn system this month have excited investors. These developments are anticipated to further stimulate interest among investors and support the token’s upward momentum.
While SHIB’s price chart reflects significant gains in line with the burning activities, rising 5.34% to $0.00000948 in the last 24 hours, weekly and monthly charts indicate notable declines, with a 12% drop over the past week and an 8% decrease over the month.
Despite recent price drops, today’s price surge is primarily linked to the growth in the burn rate, reinforcing a bullish sentiment for the token. Continuous burns by the Shiba community and team could potentially trigger a significant upward movement for SHIB, aiding its journey towards the long-envisioned $1 milestone.