SHIB community is actively reducing the circulating supply of Shiba Inu by conducting daily burns and transferring millions of meme coins to inactive cryptocurrency wallets. This development is crucial for the price growth of SHIB, the second-largest meme coin. The ongoing process could position SHIB to potentially surpass its biggest competitor, DOGE.
Increased Burn Rate Signals Growth
Shibburn reports a significant increase in the daily SHIB burn rate, with a 162.85% rise in the last 24 hours. A total of 16,210,694 Shiba Inu coins were burned in nine transactions, directing these meme coins to unusable Blockchain addresses.
In particular, the largest burn transfer included 5,032,618 SHIB, accompanied by two transactions moving just under 3,000,000 SHIB each, and two more transactions moving close to 2,000,000 SHIB.
SHIB Price Struggles for Breakthrough
In the past 24 hours, SHIB, the second-largest meme coin, experienced a modest increase of 2.40%, attempting a cautious recovery. However, this was followed by a 1.2% decrease, hindering the breakout effort.
Overall, SHIB has seen a decline of 4.47% since Thursday and 11.76% since Monday, April 1st. The addition of support by the Nexo cryptocurrency trading platform and the launch of SHIB-based trading pairs could signal an uptick for the meme coin.
Many analysts, including SHIB team members, predict that Shiba Inu’s price will reach an all-time high after Bitcoin‘s halving at the end of April. Analyst Armando Pantoja forecasts that the meme coin SHIB will rise above $0.001 post-halving, alongside bullish predictions for other altcoins like Dogecoin, Cardano, Solana, and XRP.
SHIB’s official marketing leader, Lucie, expresses optimism, predicting that SHIB will reach its all-time high just before or after the halving event.
Shibarium Reaches New Milestones
The Shiba Inu-supporting ecosystem, Shibarium, is reaching new milestones with Shibariumscan explorer recording a historic peak of 413,195,897 transactions. Additionally, the number of wallets associated with Shibarium has reached 1,394,435.
Although the daily transaction count has increased from 5,500 earlier this week to 11,510, the overall trend remains relatively stable at lower levels.