Shiba Inu’s Burn Rate Soars 400%: Fueling the SHIB Rise

• Shiba Inu’s SHIB burning rate has increased in both frequency and intensity, inspiring a price surge.
• In line with network development and an upward price trajectory, SHIB has recorded a 400 percent rise in 24 hours.

Since the launch of Shibarium a few months ago, the Shiba Inu burn rate has risen significantly. The burn rate has historically fluctuated, sometimes rising and falling. Lead developer Shytoshi Kusama revealed prior to the launch of Shibarium – Shiba Inu’s new L2 blockchain technology – that the frequency and intensity would surge after its launch. This is evident as demonstrated on October 24th. In just 24 hours, the burn rate soared by 400 percent with 142.8 million SHIB taken out of circulation permanently according to data from Shibburn.

The burn is designed to reward loyal holders since reducing supply should drive demand higher and lead to price increases. Ideally, a big jump in SHIB burn should lead to a big token price jump. This was recently demonstrated by Hayden Adams who shocked the world after burning 99.9 percent of his HayCoin holdings. This inspired the token to rally by nearly 300 percent to reach as much as $4.5 million.

Read More: Uniswap Founder Burns 99.9% of HayCoin Holdings, Token Skyrockets

The jump in the SHIB burn rate has coincided with a SHIB price surge that has seen the weekly gains reach nearly 7 percent. At the time of press, SHIB is trading at $0.00000738 after a marginal correction of around 2 percent in the last 24 hours. The altcoin has retraced from $0.0000075 after failing to break this resistance. Bulls will look to defend the $0.0000070 support and try to break above the $0.0000080 resistance in the next bullish wave.

As CNF reported, lead developer Kusama has hinted at a massive development involving a partnership with “VERY important individuals.” This cryptic message suggests a significant development in the coming months. It comes after a period of silence that left the community guessing.

Read More: Shiba Inu (SHIB) on the Verge of a Major Breakthrough: What’s Cooking?

Based on recent developments and the promise of more to come, the second-largest meme coin by market cap and one of the most popular cryptocurrencies is poised to be a top performer in the next bull run. Long-term investors expect the digital asset to revisit its all-time high of $0.00008616 achieved two years ago.

Interestingly, this was achieved just one year after its launch. Based on current prices, this represents a 13,091,722 percent return. If these returns were to be replicated over the coming months or years, SHIB could easily reach $1.

Related: Shiba Inu: How $100 can make you a SHIB millionaire and why there is only one official DEX for Shibarium – Report

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