Will Dogecoin (SHIB) break above $0.001? According to reports, the destruction of 925 billion SHIB tokens may fuel this rally. Recent rumors suggest that the price of Dogecoin (SHIB) may be about to rise significantly. The meme coin, which has been in decline recently, will get a much-needed boost as a result.

Will there be a record of destruction and rewriting of Dogecoin?

Shiba Inu team member Ragnar highlighted the possibility that 925 billion SHIB tokens could be burned this month in a post that has since been deleted from X (formerly known as Twitter). Although it's unclear why Ragnar deleted the message, it may have been to avoid confusion or misunderstanding.

Shiba Inu marketing member Lucie previously stated that lead developer Shytoshi Kusama had been reluctant to provide a time frame for these destructions.

The reason why Ragnar deleted the message could also be a mistake on his part, especially considering the huge amount of 925 billion SHIB. This is despite the fact that the number of SHIB tokens burned in a single month is still in the range of billions.

With the exception of Vitalik Buterin (Ethereum founder), the destruction of one trillion Dogecoin tokens in a single month has never happened before. Therefore, the events that team members mentioned as possible happening this month are highly unlikely. If Ragnar is referring to the number of Dogecoins that may be destroyed this year, then this number seems more credible than what has already happened.

If so, this has the potential to have a significant impact on SHIB's price. This meme coin usually triggers a rally when such a huge amount of SHIB tokens are burned. Not to mention the potential impact that such a record could have if realized.

If this year’s burn target is met, Shibarium could be responsible for burning 925 billion SHIB tokens. Layer-2 networks have been the most significant factor in SHIB token burns over the past time. Interestingly, Shibarium is almost single-handedly responsible for nearly half of all SHIB tokens burned in 2023.

Of the more than 76 billion SHIB tokens burned in the past year, Layer-2 networks were responsible for approximately 34 billion SHIB tokens being destroyed. However, Shibarium’s performance this year has not been great as daily trading volumes have declined compared to the previous highs in December. Information provided by Shibarium Explorer shows that the number of daily transactions currently occurring on the network is approximately 4 million.

According to data provided by Shiba Burn Tracker, the 925 billion SHIB tokens being burned are still a long way from reality. Just over 64 million SHIB tokens were burned this month.

According to data provided by CoinMarketCap, the value of Dogecoin is currently approximately $0.000008907, down more than 5% from the previous 24 hours.

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