Following the rather volatile start to 2024 the meme coin has faced, Shiba Inu (SHIB) has seen its burn rate surge 2274% at the end of the new year’s first week. Moreover, the asset is set to face a key support level, as its price is just below the $0.00001 mark. The burn activity could become a catalyst for positive price movement.
Shiba Inu took to X (formerly Twitter) to share its strategy for the new year. Specifically, it stated its goal to “Make Shibarium great.” That message was shared as the layer-2 network has surpassed a host of milestones over the last week. Altogether, it could be the boost that the token needs to reverse its recent declines.
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SHIB Burn Rate Surges as Price Reversal Could be In-Store
Few digital assets boast as passionate a community as Shiba Inu. One of the most popular meme coins on the market, the asset has entered 2024 with some apparent optimism. Despite recent setbacks in its price, it could be poised to meet those expectations based on recent developments.
Specifically, Shiba Inu (SHIB) has seen its burn rate surge by a remarkable 2274%, with an incredible 5.2 million tokens burned in 24 hours. Moreover, the mass amount of SHIB was set ablaze in 28 separate transactions. Altogether the figures continue from the 25 million SHIB tokens that were burned in all of December. During the
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The burn rate surge arrives as the asset is facing a rather crucial support level. Currently, the token is trading at $0.0000096, and is down more than 3% over the last 24 hours, according to CoinMarketCap. If the asset is going to securely eliminate another zero, it’s going to need to be elevated immensely over the next couple of days.
Although the yearly burn of 2022 where down more than 8% from 2023, the presence of Shibarium should help that. Indeed, developers revealed that the LAyer-2 network will work to burn SHIB tokens automatically. Such an integration should have massive implications on the assets’ burn rate, and the price of the token overall.