- The Shiba Inu burn rate has increased in recent months with over 105 million SHIB tokens burnt in the last 24 hours.
- The increase in this burn has correlated with SHIB prices rising, an indication of increased network adoption and trust from users and investors.
Shiba Inu has witnessed an uptick in both prices and burning rate in recent weeks. In the last 24 hours, after the rate spiked by around 1,800 percent, a total of 105,209,192 SHIB tokens were set ablaze. According to the latest data from Shibburn, 410,662,623,763,076 has been burnt since the initial supply.
The burning mechanism is designed to act as a deflationary tool. Ideally, burning SHIB tokens takes them out of circulation, artificially creating demand and pushing prices higher. In the beginning, the mechanism was slow and the amounts burnt low. As the network has gained prominence and with the launch of Shibarium, the frequency and amount being burnt have skyrocketed.
On most occasions, the burn rate has correlated with price action. In the last 7 days, SHIB has gained nearly 5 percent to trade for $0.00000872 at the time of press. Launched only three years ago, the Dogecoin rival has seen its value balloon to become the 19th-ranked cryptocurrency by market cap.
SHIB investors remain confident that with recent network developments and adoption, the digital asset can revisit its all-time high of $0.00008616 reached nearly 2 years ago. As the memecoin forges its way to these heights, it is tipped to become the most popular memecoin, a position currently occupied by Dogecoin (DOGE).
Related: Shiba Inu (SHIB) Price Surge: Is It Set to Overtake Dogecoin? Expert Analysis Inside
However, Shiba Inu is working to reinvent itself to break free from its memecoin status to a proper utility project with intrinsic value where developers and users can build. As recently reported, The Manny Pacquiao Foundation has partnered with the Shiba Inu ecosystem to integrate the Shibarium blockchain, enhancing its charity operations’ efficiency and transparency.
In addition, lead developer Shytoshi Kusama says that the team is in talks with “friends” to integrate Shibarium with centralized exchanges, and this could spark demand for Shiba Inu.
Read More: Shiba Inu’s Shibarium Integration: Is a Price Surge on the Horizon?
These developments combined with the soaring burn rate paint a pretty bullish picture for SHIB. As highlighted by CNF, at current prices, SHIB offers investors a chance to become millionaires in the next bull run by owning 100 million Shiba Inu (SHIB) tokens. The $0.01 price is a key target for SHIB and shared by many experts, likely to be reached in a future bull run, those investing now stand a chance to become millionaires by investing around $722 at the current prices and cash out at $0.01 to make a million dollars.
Read More: Shiba Inu: A Million-Dollar Dream at $0.01 – How 100 Million Tokens Could Make You a Millionaire
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