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82 million Shiba Inu burned: could prices increase by 24%?
Over 82.14 million Shiba Inu (SHIB) were burned, resulting in a dramatic 4,111.57% increase in burning rate over the past 24 hours.
Shibburn, the dedicated Shiba Inu burn detector, has been monitoring the development.
Can the price of Shiba Inu increase by 24%?
The process of burning these tokens involves their definitive removal from circulation by transferring them to a dead place wallet. This method is strategically designed to reduce the overall supply of SHIB, thereby increasing its scarcity and potential market value.
Following this recent fire, the total number of SHIB tokens destroyed has risen to over 410 trillion, with approximately 589 trillion SHIBs remaining in active circulation.
To know more: Shiba Inu Burn Rate Explained: Understanding Token Burning
Shiba Inu Burn Rate. Source: Shibburn
Despite the significant volume of tokens burned, the immediate price impact on SHIB it was minimal. The 82 million SHIBs destroyed in this latest event are worth around $2,035, a relatively small value and, therefore, not enough to trigger a significant increase in the price of the token.
However, the sharp increase in burn rate has revived optimism within the Shiba Inu community. Members and investors hope that the upcoming SHIB burn portal will further amplify token deflation, potentially leading to more significant price movements.
“Recent updates and bullish market statistics support SHIB’s green trading trend,” Dylan, Shiba Inu enthusiast he wrote.
Additionally, Shiba Inu has implemented significant technological advancements in its research go beyond the origins of meme money. THE introduction of Shibariuman Ethereum layer-2 scaling solution, marks a crucial step in improving the efficiency of the blockchain.
This update includes a main hard fork completed last week, which promises faster and more stable transactions gas tariffsprobably improving the overall user experience on the network.
Furthermore, the The Shiba Inu team reportedly raised $12 million in April to develop a new layer 3 blockchain. This fundraising effort has attracted contributions from major investors such as Polygon Ventures, Mechanism Capital, and Animoca Brands.
Recent technical analysis from BeInCrypto suggested a potential 15% increase in SHIB price, targeting $0.00002625. After reaching this level, the token suffered a modest decline of around 4%, reflecting the ongoing market volatility. However, SHIB is now forming an inverse head and shoulders chart pattern.
To know more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
Analysis indicates that the potential breakout could boost SHIB price by more than 24% to $0.00003103. However, if this breakout does not occur, the token could find support at around $0.00002349.
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