Shiba Inu (SHIB), the meme coin that has been dubbed the “Dogecoin killer”, has seen a remarkable surge in price and popularity in the past 24 hours, as the SHIB community has ramped up its efforts to reduce the circulating supply of the token.
According to Shibburn, a website that tracks the amount of SHIB tokens that are sent to dead-end wallets, the SHIB burn rate has increased by 887.07% in the last day, reaching a total of 37,104,438 SHIB burned. The largest single burn transaction occurred nine hours ago, when 21,540,898 SHIB were removed from circulation. The second largest one happened 16 hours ago, with 9,740,615 SHIB burned. The other three notable burns involved 2,154,873 SHIB, 1,000,000 SHIB and 1,802,613 SHIB, respectively.

The SHIB community has been actively burning tokens since February, when a massive 643,656,418 SHIB were destroyed. The burning process is a way of reducing the inflationary pressure on the token, as well as creating a scarcity effect that could boost its value. SHIB has a total supply of 1 quadrillion tokens, of which 50% were locked in Uniswap and 50% were sent to Ethereum co-founder Vitalik Buterin, who later donated and burned most of his holdings.
The increased burning activity has coincided with a stunning rally in the SHIB price, which has soared by over 70% in the last day, reaching a new all-time high of $0.00008616. The token has gained more than 135% in the past week, making it one of the best-performing cryptocurrencies in the market. SHIB has also climbed up the ranks of the top cryptocurrencies by market capitalization, currently sitting at the 12th spot with a valuation of over $13.3 billion.
Another factor that has contributed to the SHIB rally is the emergence of a “smart whale” who has been accumulating SHIB tokens in the past few days. According to Spot On Chain, a data aggregator that monitors the on-chain activity of cryptocurrencies, the whale has purchased 75.91 billion SHIB on Binance for $1.51 million and transferred them to a private wallet. The whale’s investment has already paid off, as the value of his SHIB holdings has increased to $2.11 million, a 69% profit.
The SHIB community has been celebrating the token’s success on social media, using hashtags such as #SHIBArmy, #SHIBtothemoon and #SHIBburn. Many SHIB fans have expressed their confidence that the token will continue to rise and eventually reach the $0.01 mark, a feat that would require a 45,000% increase from the current price. Some SHIB enthusiasts have also compared the token to Dogecoin (DOGE), the original meme coin that has inspired SHIB and many other canine-themed cryptocurrencies. DOGE, which has a market cap of over $20 billion and a price of $0.14, has been endorsed by celebrities such as Tesla CEO Elon Musk, who has called it his “favorite cryptocurrency”.
However, not everyone is bullish on SHIB, as some critics have warned that the token is a risky and speculative investment that could lose its value as quickly as it gained it. Some skeptics have also pointed out the lack of innovation and utility of SHIB, as well as the potential for market manipulation and rug pulls by the developers or the whales. Moreover, some analysts have cautioned that the SHIB price could be affected by the volatility of the broader cryptocurrency market, which has been experiencing a correction in the past few days.
SHIB, which was launched in August 2020 as an experiment in decentralized community building, has undoubtedly become one of the most surprising and controversial phenomena in the crypto space. Whether SHIB will be able to sustain its momentum and achieve its ambitious goals remains to be seen, but one thing is certain: the SHIB army is not giving up anytime soon.
Source: https://azcoinnews.com/shiba-inu-surges-as-shib-burn-rate-has-increased-by-887.html