The burn rate of Shiba Inu (SHIB) is currently skyrocketing, with millions of SHIB tokens being transferred to inactive wallets. This surge in burn rate signifies a notable milestone for SHIB in the Shiba Inu community.
According to Shibburn, the SHIB burn tracking platform, an astounding 121,210,538 SHIB tokens were burned on the 24th of October, signifying an exceptional 567% surge compared to previous levels.
Read Also: Estimating The Timeline for Shiba Inu to Attain $0.01 with Current SHIB Burn Rate
This remarkable feat brings the total number of SHIB tokens burned to an astonishing 410,643,987,410,621. While there are still 579,861,188,397,103 SHIB tokens in circulation, the gradual reduction in supply inspires confidence in the community, hinting at the possibility of substantial price jumps in the future.
The recent parabolic run in SHIB’s price is not to be overlooked, coinciding with the broader uptrend in the cryptocurrency market. As of the time of writing, Shiba Inu is experiencing a 3 % increase, with a price pegged at $0.000007386.
The token’s trading volume has also seen an unprecedented surge, skyrocketing by more than 128% with a total of $256 million traded overnight. These remarkable figures demonstrate the growing enthusiasm and demand for the meme coin.
Sustainability of the Momentum
While achieving an extraordinary growth surge in the burn rate is undoubtedly impressive, the real challenge lies in sustaining this momentum in the long run. However, the advent of Shibarium, a promising Layer-2 scaling solution, brings hope to SHIB enthusiasts. Shibarium is anticipated to play a pivotal role in achieving sustainability by serving as a major conduit for removing more Shiba Inu tokens from circulation.
In response to the growing demand for sustainability, the development team led by industry figure Shytoshi Kusama has tantalized investors with the prospect of a potential burn portal.
Although the official launch date for this portal remains undisclosed, it is considered one of the most anxiously anticipated features to watch out for. This burn portal could significantly contribute to the reduction of circulating supply and, hence, have a further positive impact on the SHIB price trajectory.
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Read Also: 5 Trillion Monthly Burns Target: Shiba Inu Team Reveals How Shibarium Will Boost SHIB Burns
Implications for SHIB Holders
The soaring burn rate complemented by the parabolic price surge brings forth positive implications for SHIB holders. Firstly, the gradual reduction in supply, driven by the impressive burn rate, holds the potential for substantial long-term price increases. As fewer SHIB tokens enter circulation, the scarcity factor could drive demand and thus boost the value of the meme coin.
Furthermore, the surge in trading volume suggests a thriving market for SHIB tokens, with increasing numbers of investors actively participating in the ecosystem. This elevated trading activity provides liquidity and further indicates the strong demand that exists for SHIB.
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