- Shiba Inu (SHIB) has experienced a significant burn rate increase of 2274%, with 5.2 million tokens burned in 24 hours, signaling potential for a positive price movement as it faces key support just below $0.00001.
- The team behind Shiba Inu announced a strategic focus to “Make Shibarium great,” a layer-2 network which has recently achieved milestones and could help in reversing the token’s recent price declines.
- While SHIB’s yearly burn in 2022 was down by over 8% from 2023, the Shibarium network’s automatic SHIB token burn feature is expected to significantly impact the asset’s burn rate and overall price.
Shiba Inu (SHIB), the beloved meme coin, has kicked off the year with a fiery statistic as its burn rate soars, hinting at a potential price turnaround. Amidst a testing time for cryptocurrencies, SHIB’s strategy and community efforts are setting the stage for what could be a significant shift in its market value.
Stunning Rise in SHIB’s Burn Rate
- SHIB’s burn rate has skyrocketed by a staggering 2274%.
- Within 24 hours, over 5.2 million SHIB tokens were removed from circulation.
- These tokens were burned in 28 individual transactions.
- December’s burn figures capped at 25 million SHIB, setting a high precedent for January.
- The price of SHIB is currently hovering around the crucial $0.0000096 level.
Crucial Support Level Challenges SHIB
- As SHIB trades just shy of $0.00001, it faces a pivotal support level.
- The token has experienced a slight dip, dropping more than 3% in the last day.
- The community is eyeing the elimination of a zero to signify a rebound in value.
- SHIB’s performance in the coming days is expected to be vital for its market position.
Shibarium’s Role in SHIB Token Burns
- Despite a drop in annual burns from 2022 to 2023, the Shibarium layer-2 network is set to boost burn rates.
- Developers have announced that Shibarium will automatically burn SHIB tokens.
- This automatic burn feature is expected to greatly affect SHIB’s burn rate and its overall price trajectory.
- The SHIB community is hopeful that Shibarium’s milestones will catalyze a positive trend for the token.
Community Optimism Amid Price Fluctuations
- Shiba Inu’s community remains dedicated and optimistic despite price swings.
- Recent increases in burn rates have sparked hope for a strong year ahead for SHIB.
- The strategic vision to “Make Shibarium great” is being embraced by the community.
- SHIB’s active community could be a driving force behind its potential price reversal.
As Shiba Inu (SHIB) navigates critical price points and employs strategic token burns, the community watches with bated breath, ready for the next chapter in this meme coin’s journey. With Shibarium’s promise and the community’s fiery commitment, the SHIB token may just blaze a trail into a bullish future.
