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HomeCryptocurrencyShiba Inu On-Chain Activity Indicates SHIB Price Could Explode Soon: Details

Shiba Inu On-Chain Activity Indicates SHIB Price Could Explode Soon: Details

Shiba Inu (SHIB), the second-largest meme token, has shown resilience in its burn campaign amid pressures from all angles to outperform competitors like Dogecoin (DOGE). 

The latest news revealed that the SHIB burn rate has witnessed an incredible 3,400% increase, removing about 52 million tokens permanently from the supply of about 589 trillion tokens. 

Whale Alert

Following the permanent removal of 52 million SHIB tokens, the total amount of tokens incinerated climbed to about 410,708,459,364,680, according to the latest data on Shibburn, a platform that keeps records of SHIB burns statistics.

Read Also: Here’s When Shiba Inu (SHIB) Is Projected To Hit $0.05

What Does The Latest Burn Rate Signify?

As with the general crypto market and economics principle, reductions in commodity supplies will eventually induce scarcity, resulting in a price surge. 

Over the years, the Shiba Inu (SHIB) circulating supply has been one of its main challenges. Due to the massive supply, SHIB has traded at levels most crypto enthusiasts deemed below anticipated standards, considering how its launch was fuelled by so much hype.

Should the burn rate implied in this insight be sustained, it becomes safe to say that SHIB’s path to attaining incredible price levels is apparent. How future events unfold remains to be seen. For now, we can only hope based on speculations. 

Shiba Inu’s (SHIB) Market Standings – Bearish Or Bullish? 

According to the Shiba Inu (SHIB) data on Coincodex, the digital asset is changing hands at approximately $0.0000098, reflecting a 1.15% upswing in the past 24 hours. The meme coin boasts a market cap of about $5.08 billion and a trading volume of roughly $154.4 million. 

SHIB’s supply inflation remains high at about 7.33%, while volatility is intermediate at approximately 3.2%. Sentiment on Shiba Inu remains bullish, while the “Fear and Greed Index,” which keeps records of enthusiasts’ attitudes toward different assets, was pegged at “Greed.” 

Read Also: 300 Enterprises Request for Shiba Inu’s Shibarium Full Node Integration

All Proposed Projects On Shiba Inu To Be Completed Soon

According to one of our recent reports, Lucie, the Shiba Inu marketing specialist, has announced when SHIB enthusiasts should expect the completion of every ongoing Shiba Inu ecosystem project. 

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Lucie disclosed the plans for concluding the projects on X after a strategic meeting that involved Shytoshi Kusama, the Shiba Inu lead developer. 

The marketing strategist noted that the projects will be completed by the end of 2024 with a broader vision that might extend into 2025.


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Chinedu Agbakwusi
Chinedu Agbakwusi
Chinedu Agbakwusi is a medical student at the prestigious Nnamdi Azikiwe University with sound knowledge of the crypto space. I am here to be a reliable plug for well-researched crypto content ranging from crypto news to market analyses and blockchain inventions.
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