Shiba Inu Rallies with 23% Price Surge Amid Increased Token Burns
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Skyrocketing Burn Rate Fuels Price Surge
One key factor driving SHIB’s recent surge is its dramatic increase in the token burn rate, which spiked by an astounding 33,800% in just 24 hours. Nearly 2 billion tokens were sent to a null address, as part of SHIB’s burn mechanism designed to reduce its circulating supply. To date, over 410 trillion tokens have been destroyed, leaving around 583.5 trillion still in circulation. This reduction in supply, if coupled with sustained or increased demand, could further boost the token’s price.
Shibarium and Market-wide Meme Coin Gains
Another contributor to SHIB’s momentum is the ongoing success of its layer-2 scaling solution, Shibarium. The network recently surpassed 7 million processed blocks and is nearing 420 million total transactions, signaling strong community engagement. Additionally, the overall meme coin sector saw a 14% market cap increase, with leading tokens like Dogecoin (DOGE), Pepe (PEPE), and Floki Inu (FLOKI) all posting double-digit gains.
Bullish Predictions for SHIB
Analysts like X user JAVON MARKS foresee further gains for SHIB, with the potential for a 315% price jump. While some forecasts are even more optimistic, predicting SHIB could remove two zeros from its valuation, such a scenario would require a market cap of nearly $800 billion—a target that remains highly improbable.