The burn rate of the famous dog-themed meme coin Shiba Inu attracted attention by increasing nearly 1000% on Friday. According to the latest data shared by the token burn tracker, more than 6 million coins have been permanently removed from the market. This development increased the expectation among traders and investors that the SHIB price would rise.
Shiba Inu Cremation Rate Increased by 1000%
According to a statement from Shiba Inu cremation tracker Shibburn on January 24, the intraday cremation rate reached 1041%. A total of 6.7 million tokens were removed from circulation and the decrease in supply strengthened the expectation of a price increase among investors and traders in parallel with the law of demand and supply.
The burn mechanism ensures that SHIB tokens are permanently removed from the supply by sending them to an invalid address. Following this massive burning, supply decreased while demand remained the same, leading market observers to expect an active uptrend.
Community Improvements Provide Extra Optimism
At the same time, it is stated that the Shiba Inu community has achieved significant success recently. The introduction of ShibOS, a revolutionary step in the Web3 field, gave positive signals for the future of meme coin.
ShibOS enables users to seamlessly migrate from Web2 to Web3 for a variety of use cases. This development and the increase in the cremation rate have increased positive expectations on the long-term outlook for the Shiba Inu.
What Will the Future Bring for SHIB?
At the time of reporting, SHIB price is trading at $0.00002028, up over 1%. The cryptocurrency’s 24-hour lowest and highest prices were recorded at $0.00001954 and $0.00002047 respectively. The overall price chart shows that meme coin is in the process of consolidation.
The increase in Shiba Inu cremation and recent developments could pave the way for the asset to generate significant profits in the future. According to the latest price analysis by CoinGape, the coin breaking the $0.00002 level is critical for the upward movement. Investors and traders are closely monitoring SHIB’s price movements.
This increase in Shiba Inu cremation and innovations made by the community could have a positive impact on price if demand remains the same as current supply decreases. However, given the volatile nature of crypto markets, investors are advised to exercise caution.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
