Shiba Inu Burn Rate Surges By 1600%: Is $0.00003 On Cards For SHIB?

Juhi Mirza
Shiba Inu Burn Rate Skyrockets, Surges 19129%

The Shiba Inu ecosystem continues to burn tokens at a rapid pace. SHIB’s burning mechanism is one of the most streamlined features of the ecosystem, enabling the token to establish a robust equilibrium. At the same time, the system has burned nearly 17,695,347 tokens in the last 48 hours. The new Shibburn data reveals the burning of an additional 6,353,383 tokens in five transactions, bolstering the process of maintaining a steady price pace for Shiba Inu to accomplish and achieve.

Also Read: Shiba Inu: Expert Says Hold SHIB Before Bitcoin Skyrockets To $75K

SHIBA Inu (SHIB) Burn Rate Skyrockets 1600%

shiba inu shib burns shibarium fire
Source: WatcherGuru

The last 48 hours have been quite crucial for the Shiba Inu burn mechanism. The ecosystem has burned a total of 24,049,730 tokens, broken into nine large transactions, with chunks of small transactions fueling the burn rate metric.

The metrics count rose to 1600% on July 3, while the new data unveiled by the portal suggests burning an additional 64% of tokens on July 4. The move is indicative of the shrinking of the overall Shiba inu burn supply to strike a balance and maintain the token’s “scarcity element.”

Per Shibburn, nearly 410,727,425,801,316 tokens have been burned till now. At press time, the price of SHIB is averaging at a price level of $0.00001565. With such stark burn accomplishments, the community is now hoping for the token’s meteoric price hike.

The Shiba Inu ecosystem is welcoming new updates and overhauls within its infrastructural anatomy. The system is currently working on launching the blockchain version of the Shiba Eternity Game. At the same time, SHIB is busy expanding its Shibarium network to include more community participation.

The Shibarium network has recently introduced three new updates, notably the launch of “Build on Shibarium, become a validator, and bridge assets.” The elements encompass enabling developers to build apps on Shibarium as well as allowing users to become validators on the network. The third update entails bridging assets from Shibarium to Ethereum for a holistic web3 experience.

Shytoshi Kusama’s Agenda for Japan Visit Revealed

Kusama took the Internet by storm this week by sharing how the lead Shib developer is keen on attending Japan to interact with the Web3 community. His tweet concerning his visit to Japan spread like wildfire within the crypto community, with many hoping to finally see the man behind the token’s meteoric success and growth.

Kusama is known to drop subtle hints indicative of his personality traits on X; however, the developer recently unveiled the primary reason why he wants to visit Japan and attend the prestigious IVS2024 conference. He stated how his visit to Japan is no less than a “divine providence” for which he will forever be grateful.

“Like many of you, I grew up with anime, so it’s a dream come true to be in Japan. Moreover, being here to speak to the brightest minds about Shib. Our plan, Web2 to Web3. And more is truly a humbling experience only possible with divine providence, for which I am grateful.”

Shiba Inu (SHIB) $0.00003 Price Surge: Is Bullish July Truly Worth It For SHIB?

Despite the consistent infrastructural developments that the SHIB ecosystem is currently encountering, the technical indicators tell a different story. According to CoinCodex, the token seems to project a bearish sentiment. SHIB may undergo significant price downticks before stabilizing at a secured price level.

Per CC, the token may initially spike by 60% near July 10–11, 2024.

Also Read: ASEAN: Malaysia Calls For Asian Monetary Fund To Derail US Dollar

“The Shiba Inu price forecast for the next 30 days is a projection based on the positive and negative trends. Based on these Shiba Inu projections. SHIB will be changing hands at $0.00002622 on July 11, 2024, gaining 64.53% in the process.”

Towards the end of July, SHIB can resume its downward ascent as the bearish sentiment continues to pound on the token.

“According to our current Shiba Inu price prediction. The price of Shiba Inu is predicted to drop by -4.70% and reach $0.00001519 by August 3, 2024. Per our technical indicators, the current sentiment is bearish, while the Fear & Greed Index is showing 44 (fear). Shiba Inu recorded 12/30 (40%) green days with 14.52% price volatility over the last 30 days.”

However, the crypto market is known for its unpredictability. Any slight variations or developments are capable of catapulting the token to a new height. Hence, the community will have to wait and see how the token’s price pace will be transformed soon.