Sunday, February 25, 2024

Shiba Inu Burn Rate Skyrockets 800,000%, Fueling 45% Price Surge Potential

HomeCryptoShiba Inu Burn Rate Skyrockets 800,000%, Fueling 45% Price Surge Potential

The meme coin Shiba Inu (SHIB) has seen impressive growth over the past month, with prices up 15% even amid overall crypto market corrections. According to analyst Ali, Shiba Inu could see its value spike 45% if the coin holds the key support level at $0.0000103. This potential price increase is driven largely by two key factors – an aggressive token burning mechanism and advancements with the Shibarium layer-2 network.

Shiba Inu first introduced its token burn in October 2022 as a strategy to reduce total circulating supply and potentially increase the value of remaining coins. The program allows SHIB holders to voluntarily burn their coins by sending them to an inaccessible “dead wallet.” To date, over 41% of the total SHIB supply has been burned through this method.

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On December 16th alone, the Shiba Inu burn rate skyrocketed an astonishing 780,000%, resulting in over 8.6 billion SHIB tokens permanently removed from circulation. As coin scarcity increases from these burns, demand may begin to outpace supply which would apply upside price pressure according to basic economic principles.

In addition to the burn protocol, advancements with the Shibarium layer-2 network have also contributed to positive price momentum. After initially launching in August 2022, Shibarium has now facilitated over 2 million blocks and processed more than 135 million transactions. As adoption and activity continue growing on this network built specifically for Shiba Inu, utility and subsequent value are likely to increase as well.

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Ryan Maloney, Crypto Analyst at Forbes says:

Shiba Inu’s token burning mechanism and Shibarium development have clearly demonstrated that this is no longer just a ‘meme coin.’ Serious work is being done to increase real-world utility and fundamental value beyond speculative hype. As these efforts progress in lockstep, investors can expect substantial price appreciation ahead for SHIB.

While betting on meme coins still involves high risk, Shiba Inu is differentiating itself from other pop culture cryptos like Dogecoin. SHIB now boasts a vigorous developer community building real technology to power future growth. Speculators may have kicked off the initial price spike, but organic value creation now suggests there’s substance beyond the hype.

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As noted crypto analyst Ali predicts, if prices can remain stabilized around $0.0000103 in the near-term, a 45% surge is achievable based on current burn rate momentum and Shibarium adoption trends. While cryptocurrencies remain volatile, Shiba Inu seems well-positioned to capitalize on its堵ng繐姉ng utility growth and further disrupt the market in 2023. The meme coin model is evolving beyond dogs and dreams to real-world value creation.

Mezhar Alee
Mezhar Alee
Mezhar Alee is a prolific author who provides commentary and analysis on business, finance, politics, sports, and current events on his website Opportuneist. With over a decade of experience in journalism and blogging, Mezhar aims to deliver well-researched insights and thought-provoking perspectives on important local and global issues in society.

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