Shiba Inu (SHIB), the popular meme coin, has ignited investor interest once again with a dramatic surge in its burn rate. According to data from the Shibburn tracker, the rate at which SHIB tokens are being incinerated has skyrocketed by a staggering 1,088%, with nearly 100,000 tokens sent to the dead wallet in a single day. This unprecedented burn activity has coincided with a nearly 6% price rally, pushing SHIB to $0.00001385.
The uptick in burn enthusiasm appears to be linked to the recent launch of Shibarium, the Shiba Inu ecosystem’s layer-2 solution. A new automated burn mechanism on Shibarium redirects a portion of gas fees to burn SHIB tokens, contributing to the overall supply reduction.
Analysts are cautiously optimistic about SHIB’s price trajectory. The token’s recent performance, coupled with the increased burn rate, has created a bullish sentiment in the market. If SHIB can break through the critical resistance level of $0.00001526, a potential 50% rally could be on the cards. However, failure to breach this level might lead to a retest of the support zone around $0.00001227.
The growing interest in Shiba Inu has also been fueled by the ongoing development of the Shibarium blockchain. The platform recently hit a new all-time high of 418 million transactions, demonstrating increasing adoption and network activity.
Meanwhile, the enigmatic figure behind Shiba Inu, Shytoshi Kusama, has reaffirmed his decision to remain anonymous. The lead developer’s stance on privacy has sparked both support and criticism within the community. Lucie, the SHIB team’s marketing lead, has defended Kusama’s choice, emphasizing the team’s commitment to the project and its community.
As the Shiba Inu ecosystem continues to evolve, investors are closely watching the burn rate, price action, and development updates. The recent surge in burn activity has undoubtedly injected new life into the project, but sustaining this momentum and overcoming market challenges will be crucial for SHIB’s long-term success.
