TL;DR
- The burn rate for Shiba Inu skyrocketed, with millions of tokens removed from circulation.
Analysts envision substantial price growth for SHIB based on various factors such as the advancement of Shibarium.
Shiba Inu (SHIB), the widely-used meme coin, experienced a massive increase in token burns. Recent figures indicate a mind-blowing surge of nearly 50,000% within a day, leading to the destruction of over 87 million tokens.
At the beginning of the week, the burning rate dramatically rose again, and during March, a total amount of assets exceeding 15.5 billion was taken out of circulation – marking a significant leap of over 2300% compared to the amounts seen in February.
The Shiba Inu team initiated a “burning” process with the aim of decreasing the total number of SHIB tokens from 999,982,362,289,250 to fewer, potentially increasing their worth in the future.
At present, the meme coin is priced around $0.00002798, representing a 5% increase over the past week. Several analysts such as Rekt Capital and Jake Gagain are optimistic that this asset still has significant potential for further price growth.
In the opinion of the first person, SHIB reaching triple-digit prices is a distinct possibility if it manages to overcome a significant resistance level. On the other hand, the second person believes that underestimating or “fading” SHIB‘s potential is a significant error.
An additional factor that could fuel a bull market is the advancement of Shibarium, a layer-2 blockchain solution for SHIB. By reducing transaction fees and enhancing speed, Shibarium aspires to set SHIB apart in the meme coin sector. In recent months, it has achieved numerous milestones.
If you are willing to learn more about the feature, feel free to check our dedicated video below:
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2024-04-11 13:06