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Dogecoin Killer Shiba Inu Burn Rate Surges 373%, Trader Says SHIB 'Could Explode' To 1 Cent 'And Leave People Behind'

Published 05/01/2024, 17:45
Updated 05/01/2024, 19:10
© Reuters. Dogecoin Killer Shiba Inu Burn Rate Surges 373%, Trader Says SHIB 'Could Explode' To 1 Cent 'And Leave People Behind'
SHIB/USD
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Benzinga - The 2024 prospects for Shiba Inu (CRYPTO: SHIB) appear cautiously optimistic, influenced by an uptick in daily transactions and an increasing burn rate.

What Happened: In a recent tweet, the official page for Shib stated “2024: make Shibarium great.” The post did not indicate any plans for how the community will achieve this goal.

In a December 2023 post, Shib announced the launch of an automated burn mechanism set to take effect in January 2024. The frequency of burns would increase in an automated system compared to manual burns.

To date, around 410 trillion SHIBs have been burned. With this new mechanism, the total circulating supply may be significantly reduced in the coming months.

Read Next: Shibarium's New Rival Is Here — ShibChain: 'Shiba Inu Is Set For A Galactic Journey' Says SHIB Expert

Why Does It Matter: According to data from Shibburn, the burn rate surged 373% with 5.7 million SHIB tokens burned in the last 24 hours. Daily transactions grew 41% day-over-day to 6.2 million, while wallets reached 1.32 million. Total transactions amount to 256.6 million, indicating a significant rise in user engagement.

The automated burn mechanism and rising engagement suggest that SHIB could potentially gain value, provided the momentum is maintained.

On Wednesday, the Shiba Inu-themed Twitter account Shib Bezos suggested that the $SHIB token has the potential to surge to one cent, possibly catching many by surprise.

On Friday, Shib Bezos posted on his X account: “Shib Army News: Shibarium Shifts to Automatic SHIB Burning Getting Ready For The Bull Run - Shib Army.”

Price Action: SHIB is down 4% over the past 24 hours, and has fallen 7.8% over the past week.

Also Read: Bonk Fetches 578% Monthly Gain, Gives Shiba Inu A Chase In Crypto Kennel

Photo: Shutterstock

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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