Shiba Inu (SHIB) has once again caught the eye of market watchers, this time thanks to a staggering 7,400% weekly surge in its burn rate. As of Saturday, November 30th, approximately 2 billion SHIB tokens have been sent to a burn address, effectively removing them from circulation.
Kaaldhairya’s Contributions and Shibarium Update
A significant portion of this recent burn surge can be attributed to Shiba Inu executive Kaaldhairya. Kaal revealed that the ecosystem’s semi/auto burn mechanisms have been diligently working for months, incinerating over 300 million SHIB tokens to date. Furthermore, they personally burned an additional 80 million SHIB, emphasizing the community’s commitment to reducing the token’s supply.
In other positive news, the recent maintenance on Shibarium, the layer-2 solution built on Ethereum, has been completed. The bridge is now fully functional, strengthening Shiba Inu’s position in the crypto landscape.
Bullish Outlook and Price Predictions
The increased burn rate and positive developments have fueled optimism among SHIB holders. While a $1 price target for 2023 seems unlikely, a more conservative $0.0004 target appears within reach, especially if the current bullish momentum continues.
Moreover, the growing number of Shiba Inu whales accumulating the token adds to the bullish sentiment. As whales continue to amass SHIB, it could potentially drive the price higher.
As the crypto market remains volatile, it’s essential to conduct thorough research and consider consulting with financial advisors before making any investment decisions. However, the recent surge in SHIB’s burn rate and positive developments within the Shiba Inu ecosystem have certainly ignited hopes for a brighter future for the popular meme coin.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
