Shiba Inu (SHIB) has recorded a significant increase in its burn rate, reversing the recent downward trend. According to data from Shibburn, the burn rate soared by 2,004.92% within 24 hours. At least five separate wallets contributed to this rise, permanently removing millions of SHIB tokens from circulation.
Millions of SHIB Removed from Circulation
Market data confirms that exactly 14,279,657 SHIB tokens have been burned. Moreover, this trend is not unusual within the Shiba Inu ecosystem. With this latest action, the total number of burned SHIB tokens has reached 410.74 trillion. Among the contributors, the wallet identified as “0x541f…886e0” led the effort, burning 13,000,911 SHIB and setting a new benchmark.
Source: Shibburn
This burn activity has provided the Shiba Inu ecosystem with a strong push toward a potential growth phase. SHIB recently reached a key resistance level, signaling a possible breakout.
Related article: Shiba Inu Sees 93% Decline in Whale Activity: Will SHIB Recover?
At the time of writing, SHIB traded at $0.00001662, marking a 1.06% increase in 24 hours. Over the past month, the token has faced volatility, dropping as low as $0.00001229. However, with the burn rate surging, the community remains optimistic about SHIB’s future price movements.
SHIB’s Real-World Utility Supports Long-Term Growth
Although SHIB still trades below the $0.00002 level, its community relies on its expanding real-world applications. Strategic partnerships continue to strengthen SHIB’s global presence, reinforcing confidence in its long-term growth.
Related article: Shiba Inu’s Latest Move Signals Potential Bullish Trend
Shiba Inu’s Shibarium, the network’s layer-2 scaling solution, plays a crucial role in SHIB’s future trajectory.
The platform has steadily increased its transaction volume, approaching the one billion milestone. As user engagement grows, this positive sentiment could drive SHIB’s price higher over time.
