The Shiba Inu community continues making strides in reducing the circulating supply of the popular meme coin, Shiba Inu (SHIB). According to the Shibburn wallet tracker, the burn rate has surged significantly as the cryptocurrency approaches a potential breakout.
SHIB Burn Rate Sees Massive Increase
In the last 24 hours, the Shiba Inu burn rate spiked by an impressive 772.63%. The community has removed 15,089,691 SHIB from circulation through three separate burn transactions. The largest of these transactions moved 14,980,422 SHIB to an unspendable blockchain address in one go.
Related article: Shiba Inu Burn Rate Soars 340% Amid Surprising Price Movement
The other two burns involved moving approximately 50,000 SHIB each into dead-end wallets. Over the weekend, the burn rate climbed even higher. On Saturday and Sunday, the rate jumped by 2,834% and 5,975%, respectively.
Source: Shibburn
A record 232,222,042 SHIB was sent to dead-end wallets on Saturday alone. Currently, 583,494,740,394,717 SHIB remain in circulation, while 410,728,825,806,575 SHIB have been permanently removed from the supply.
Bullish Outlook for Shibarium
Lucie, the Shiba Inu marketing lead, issued a strong response to those who doubt Shibarium’s potential. Shibarium is the layer-2 blockchain built on Ethereum, designed to support the Shiba Inu ecosystem.
She reminded skeptics that ShibaSwap, the decentralized exchange, once had $1 billion staked in it, all from Shiba Inu—a coin that started as a meme. Lucie remains confident that Shibarium’s demand will rise as it meets market conditions and gains global adoption.
Related article: Shiba Inu Burn Rate Stagnates Despite Large-Scale Incineration
She predicted that when this happens, critics will be left wondering how they missed the opportunity. In the last 24 hours, Shiba Inu’s price has climbed by 2.92%, from $0.00001434 to $0.00001475.
Since Wednesday, September 18, following the Federal Reserve’s announcement of a 50 basis point rate cut, SHIB’s price has soared by 13.35%, reflecting strong bullish momentum.
