Key Insights:
- Shiba Inu burn rate surges 4,833%, with 15.82M SHIB removed in 24 hours.
- Shib Torch hits the 1B burn milestone, removing $13,334 worth of SHIB tokens.
- SHIB price up 5% as community ramps up burn efforts, aiming for $0.0001.
Shiba Inu price has seen a massive surge in its burn rate. Over the last 24 hours, it has jumped by an astonishing 4,833%, according to Shibburn.
This rise comes as the community aggressively fights to reduce the massive SHIB supply. It remained at 589.25 trillion tokens.
The burn rate of Shiba Inu has surged, with 15.82 million tokens destroyed in a single day. While this momentum could aid price growth, other market factors will determine if it reaches $0.0001.
SHIB Burn Rate Soars as Community Pushes for Shiba Inu Price Growth
SHIB’s burn rate has skyrocketed by 4,833% in the past 24 hours. A total of 15.82 million tokens have been permanently removed from circulation, according to Shibburn data.
The sharp rise in SHIB’s burn rate highlights the community’s commitment to reducing supply. This strategy remains a key factor in driving potential long-term price gains.
Since its height, the availability of Shiba Inus has drastically decreased. The original maximum supply of 999.98 trillion tokens was permanently reduced to 410.74 trillion.
Despite the burn efforts, the Shiba Inu price faced challenges due to its massive total supply of 589.25 trillion SHIB. Reducing this supply further remains crucial for significant price movement.
However, the recent surge in burn activity suggests that the community remains committed to reducing this figure over time.
ShibTorch Hits 1 Billion Burn Milestone
ShibTorch recently achieved a notable milestone, burning over 1 billion SHIB tokens. Shibizens posted on X that the ShibTorch has burned 1,003,331,701 SHIB. The current price of $0.00001330 per token amounts to $13,334.
This achievement marks another key effort in reducing SHIB’s circulating supply. It reinforces the community’s goal of boosting its long-term price potential.
ShibTorch mechanism, launched in August 2024, automates Shiba Inu token burns using transaction fees from the Shibarium network. Specifically, 70% of the base fee paid in BONE tokens is allocated for burning SHIB.
The remaining 30% of the fee is used to cover platform costs. This automated process has made burning more efficient, helping the community remove tokens from circulation effectively.
Community Pushes for Faster SHIB Burns as Supply Shrinks
BezosCrypto, a well-known SHIB influencer, recently predicted a significant price surge. He suggested that the Shiba Inu price could eliminate two zeros, reaching $0.0001 soon.
This projection has fueled optimism among SHIB investors and the community. Since its debut in 2020, Shiba Inu has made significant price gains, removing six zeros from its initial value.
It started at $0.00000000005 and has climbed steadily over time. This progress fuels optimism for further price increases.
A substantial supply cut is needed for SHIB to hit higher price targets. However, the growing burn momentum reflects strong community optimism. This ongoing effort reinforces confidence in SHIB’s future potential.
Shibizens also noted that the latest ShibTorch burn represents a 4.97% increase from the previous week. This reflected growing community engagement and support for the ongoing burn efforts.
This increasing burn rate may be a continuous tailwind for the Shiba Inu price if it continues to accelerate in the next few months.
Challenges and Opportunities for Shiba Inu Price Growth
Despite recent progress, Shiba Inu’s massive circulating supply of 589.25 trillion tokens remains a significant hurdle for price growth. Continued burns and broader market trends will be key in its future valuation.
The massive supply remains a significant challenge for the Shiba Inu price to reach the $0.0001 target. The community’s ongoing burn efforts will be key to overcoming this hurdle.
Nevertheless, the ongoing burn efforts, increased network activity, and high community support may slow down this figure in the long run.
The future of SHIB depends on the community’s dedication to sustaining burn rates and lowering token supply. As the ecosystem expands, this strategy will drive long-term price growth.
Notably, the top meme coin reacted positively, rallying 10% in just 24 hours to trade at $0.00001400 when writing. SHIB’s burn surge coincided with an 87.78% jump in trading volume, driving daily turnover past $251 Million.
This increased activity also lifted Shiba Inu’s market cap to $8.25 Billion, reflecting growing investor interest.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
