SHIB Surges 103% in Burning Activity as Community Rallies for Scarce Supply

SHIB Surges 103% in Burning Activity as Community Rallies for Scarce Supply

In a significant development, Shiba Inu, the second most popular meme cryptocurrency, has witnessed a remarkable surge in the amount of SHIB tokens locked in unspendable wallets since yesterday morning. Concurrently, SHIB’s price has shown signs of recovery following a recent downturn.

Substantial Increase in SHIB Burns

Data from the Shibburn meme crypto tracking platform has revealed a noteworthy uptick in Shiba Inu burns over the past 24 hours. Figures indicate that the SHIB community has successfully burned 34,681,610 SHIB tokens, marking a substantial increase of 103.45% in the burn rate.

Source: Shibburn

This burning activity was achieved through four transfers to dead-end wallets, with the largest transfer amounting to 33,673,855 SHIB tokens, constituting 97.08% of the total burned amount. 

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The SHIB community conducts regular meme coin burns to decrease SHIB’s supply and enhance the meme cryptocurrency’s scarcity. Additionally, the SHIB team occasionally participates in these burns by converting Shibarium gas fees from BONE into SHIB and subsequently burning billions of Shiba Inu tokens at a time.

Optimistic Projections from SHIB Team

Earlier this week, Lucie, the marketing lead of SHIB, expressed optimism regarding SHIB’s future performance amidst a market-wide price reversal. Lucie, referring to herself, asserted via Twitter that SHIB stands out as the coin capable of surprising the market. 

Anticipating a new all-time high (ATH) for SHIB, Lucie expects the surge to occur before or shortly after the upcoming Bitcoin halving event, scheduled for the second half of April, which is less than a month away.

SHIB’s previous ATH was achieved in October 2021, reaching $0.00008845. Currently, with a 1.96% decline over the last 24 hours, SHIB is trading at $0.00002717.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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