Shiba Inu Incinerates SHIB Valued at $476K, Burn Rate Skyrockets to 28,000%

The Shiba Inu (SHIB) team has burned approximately $476,000 worth of SHIB tokens in the past five weeks, with over 9.3 billion SHIB tokens worth over $89,000 burned yesterday, increasing the burn rate to over 28,000%.
From the Shibarium network’s fees, over 410 trillion SHIB tokens have been removed from circulation, with Ethereum co-founder Vitalik Buterin burning the majority after being gifted half of SHIB’s initial supply, of which he burned 90% and donated the remainder to charity.
Despite recent SHIB token burns, the price has risen by 1.1% on the daily charts but remains down by over 10% weekly and 12% over the last 14 days. Analysts speculate a potential rally if a bull market emerges in 2024, fueled by a Bitcoin ETF and BTC halving, with the Shibarium network’s new burn mechanism possibly removing trillions of tokens annually.

Are you keeping an eye on the sizzling Shiba Inu token burns? Well, here’s the latest firework display in the crypto world: Shiba Inu’s burn rate has just exploded by a whopping 28,000%! Let’s dive into what’s happening with SHIB and whether these burns could lead to a price rally that has investors barking with joy.

Shiba Inu’s Token Bonfire

In the past five weeks, the SHIB team has burned tokens worth roughly $476,000.
Just yesterday, they sent over 9.3 billion SHIB tokens worth $89,000 up in smoke.
This burning spree has caused the burn rate to surge by an astronomical 28,000%.

Source: Shibburn

Behind the Burn: Shibarium’s Role

The burnt tokens are collected as fees on the Shibarium network, which debuted last August.
Over 410 trillion SHIB tokens have been burned, removing a significant chunk from circulation.
Ethereum’s co-founder Vitalik Buterin played a key role, burning 90% of the tokens he received and donating the rest to charity.

Will SHIB’s Price Leap Up Post-Burn?

SHIB’s price has recently ticked up by 1.1% on the daily charts, potentially due to the burns.
Despite this, the coin is down by over 10% weekly and 12% for the last 14 days.
Over the past month, the price has dipped by 2.4%, showing a struggle in the market.

Source: CoinGecko

The 2024 Bull Run Potential

Shiba Inu’s price has been a rollercoaster, but analysts are eyeing a bull market in 2024.
Factors like a potential Bitcoin ETF and BTC’s halving event in April could fuel market optimism.
SHIB’s team plans to implement a new burn mechanism in January 2024, aiming to incinerate trillions of tokens annually.
This aggressive burn strategy might just be the spark needed for SHIB’s price to soar.

Source: CoinGecko

With these fiery updates, Shiba Inu enthusiasts and investors are surely on the edge of their seats. Will this be the year SHIB rises like a phoenix from the ashes? Stay tuned to the crypto scene to find out!

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