Shiba Inu (SHIB), the popular dog-themed digital asset, experienced an extraordinary surge in burning activity over the past 24 hours.
According to data from shibburn.com, an astonishing 264,204,009 SHIB tokens, equivalent to approximately $2,245, were burned and sent to dead wallets during this period. This represents a staggering 499,416% increase in burning activity compared to the previous day.
Massive Burn Ignites Optimism in Shiba Inu Community
The surge in burning activity has ignited renewed optimism within the Shiba Inu community. Many believe this significant increase in token burning indicates an imminent price breakout for the meme coin.
Burning tokens reduces the overall supply, making each remaining token theoretically more scarce and potentially increasing its value. If this high burn rate can be sustained, SHIB may witness a substantial price surge.
Despite the recent correction in the broader cryptocurrency market, SHIB has showcased remarkable resilience. Over the last 24 hours, the token has gained 1.3% and is currently trading at $0.000008132. This resilience demonstrates the growing strength of SHIB and the ability to withstand short-term market volatility.
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Shibarium Expansion and Positive Price Momentum
The positive developments surrounding Shibarium, the Shiba Inu Layer-2 scaling solution for SHIB, have also contributed to the bullish sentiment around the token. Shibarium has experienced significant growth, with over 1.2 million wallets now utilizing the network.
Additionally, there are more than 4.2 million transactions recorded on the network. While the total value locked (TVL) on the mainnet has declined from its peak, the expansion of Shibarium points to ongoing adoption and usage of the network.
The Shiba Inu community on social media platforms, particularly X, has set ambitious goals for daily token burning. Members aim to reach a daily burn rate of 1 billion SHIB tokens.
However, it should be noted that achieving this goal would require trillions of SHIB tokens to be burned daily. While the community’s enthusiasm is commendable, the feasibility of sustaining such a colossal burn rate remains to be seen.
The surge in SHIB burning activity, along with the growth of Shibarium, indicates that the token may be on the verge of a breakout.
Despite challenges and uncertainties, the strong support from the SHIB community and ongoing efforts could propel the token towards its ambitious long-term price targets.