Shiba Inu (SHIB), the second-largest meme coin, recently saw an incredible 2,924% increase in the number of burned tokens.
According to the data provided by Shibburn, the live tracker of SHIB incineration, 30,247,447 SHIB were destroyed within 24 hours, adding to the already vanishing supply of 410.7 trillion.
This unprecedented burn has raised important questions: Will the price of SHIB rise from the ashes, or will the excitement fade away?
Read Also: Shiba Inu Team Announces Three Upcoming Massive SHIB Burns. Here’s when
Burning Bright: Creating Scarcity
The surge in burn rate means there is a bit reduction in the number of available SHIB tokens in the market. This could increase demand due to the limited supply, which might increase the price.
The story doesn’t end with the burn. Big investors have jumped in to add fuel to the fire! An Ethereum whale, attracted by the chance for profits, has acquired a massive 606.36 billion SHIB, injecting $5.8 million into the ecosystem. This show of confidence from a major player adds even more positivity.
The popular stock trading platform Robinhood has also joined the SHIB frenzy, acquiring 230 billion tokens in just one day. This mainstream adoption further amplifies the positive buzz surrounding SHIB.
Read Also: As First Shibarium-Powered Burn Destroyed 8.24B SHIB, Team says it’s closer to Massive SHIB Burn
While these recent developments are undeniably thrilling, it’s important to approach price predictions with caution. The crypto market is known for its ups and downs, and external factors can quickly change the situation. We should remember that the price dipped slightly even after the burn rate surge, reminding us that the market’s response can be complex.
Shiba Inu’s surge in burn rate has injected excitement and optimism into the community. While the future is uncertain, the combination of positive factors suggests that SHIB might have a brighter future. But as always, it’s important to do thorough research and invest responsibly, carefully considering your risk tolerance before making any investment decisions.
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