Shiba Inu (SHIB), the popular dog-themed meme coin, has seen a dramatic 1000% surge in its burn rate on Friday, January 24. According to Shibburn, the token’s official burn tracker, over 6.7 million SHIB tokens were permanently removed from circulation, leading to renewed optimism in the market. This sharp increase in the burn rate has sparked expectations of a potential price boost for SHIB, as reduced supply often correlates with higher demand in cryptocurrency markets.
HOURLY SHIB UPDATE$SHIB Price: $0.00002045 (1hr -0.88% ▼ | 24hr -3.03% ▼ )
— Shibburn (@shibburn) January 24, 2025
Market Cap: $12,058,600,807 (-3.01% ▼)
Total Supply: 589,256,855,981,115
TOKENS BURNT
Past 24Hrs: 6,712,094 (1041.43% ▲)
Past 7 Days: 44,925,619 (-48.31% ▼)
The burn mechanism works by sending SHIB tokens to a null address, effectively taking them out of circulation. This recent surge in burns follows a growing trend of market participants anticipating that the reduction in available tokens could result in upward price movements. Traders and investors alike are closely watching the coin’s price movements, as the market reacts to the decreased circulating supply and its potential impact on SHIB’s value.
Shiba Inu’s Community Milestone Injects Further Optimism
In addition to the burn rate surge, recent developments within the Shiba Inu community are also fueling excitement. The introduction of ShibOS, a blockchain-based operating system, marks a major step forward for the meme coin. This platform aims to facilitate a smooth transition from Web2 to Web3 for various applications, making it an important development for the broader Shiba Inu ecosystem.
As Shiba Inu evolves from a meme coin to a more utility-driven project, the combination of the burn rate spike and ShibOS’s introduction has sparked a surge in investor optimism, reinforcing the possibility of long-term gains.
What’s Next for SHIB?
At the time of writing, SHIB is trading at $0.00002028, having gained slightly over 1% in the past 24 hours. The token has seen fluctuating intraday movements, with a low of $0.00001954 and a high of $0.00002047. Although SHIB has been consolidating, analysts believe that the current burn rate increase, coupled with the community’s efforts, could push the token past the crucial resistance level of $0.00002. A break above this mark could set the stage for a more bullish trend in the near future.
Also Read: Bitcoin Hits ATH, But Altcoin Season May Still Deliver Massive Gains for Shiba Inu
Traders remain focused on SHIB, with hopes of further gains if the momentum continues to build.
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.
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