According to Shiba Inu’s (SHIB) burn rate tracker Shibburn, SHIB’s burn rate has spiked by 10,990%. The platform notes that one transaction, in particular, has burned over 21 million SHIB tokens.
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The burn rate spike could be due to increased activity within the SHIB ecosystem. Furthermore, the SHIB community has undertaken several burn initiatives, further pushing the burn rate. If demand surges, we may witness a price spike as well.
Will Shiba Inu (SHIB) surge to $0.00006?
SHIB’s burn rate has seldom led to a price spike, likely due to the asset’s massive circulating supply. There are about 589 trillion SHIB tokens in circulation right now. Compared to the circulating supply, the number of tokens burnt is very small. Hence, a price spike is highly unlikely. Nonetheless, SHIB fans and investors continue to pursue higher prices.
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According to CoinCodex, Shiba Inu (SHIB) could surge to $0.00006131 on June 25, 2024. Hitting $0.00006131 from current levels will translate to a growth of nearly 157%. Furthermore, CoinCodex anticipates SHIB to hit $0.00008336 on July 2, 2024. Reaching $0.00008336 from current levels would translate to a rise of almost 250%.
If SHIB reclaims the $0.00008 level, there is a high possibility that the asset will hit a new all-time high. The popular dog-themed crypto is currently down by over 72% from its all-time high of $0.00008616, which it attained in October 2021.
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Changelly also anticipates Shiba Inu (SHIB) to rally over the next few days, hitting $0.00003713 on June 10, 2024. If SHIB reaches $0.00003713, it will translate to a rise of about 55.6% from current levels.