When a recent rumor is taken into consideration, it is possible that the price of Shiba Inu (SHIB) is about to experience a large increase. The meme coin, which has been seeing a precipitous decline as of late, will receive the much-needed relief that this will bring.
Is There Going to Be a Shiba Inu Burn That Will Rewrite Records?
Ragnar, a member of the Shiba Inu team, highlighted the possibility that the 9.25 trillion SHIB tokens could be burned down this month in a post that has since been removed from X (which was once known as Twitter). Despite the fact that it is not clear why Ragnar removed the message, it is possible that he did so in order to avoid causing any confusion or misunderstanding.
Lucie, who works in marketing for Shiba Inu, has said in the past that the chief developer, Shytoshi Kusama, was hesitant to provide a timeframe for these burns.
It is also possible that Ragnar erased the message as a result of an error on his behalf, which is especially plausible when one considers the enormous amount of 9.25 trillion SHIB. Despite the fact that the maximum number of SHIB tokens that have been burned in a single month is still in the billions, this continues to remain the case.
To put this into perspective, with the exception of Vitalik Buterin, the founder of Ethereum, a trillion Shiba Inu tokens have never been burned in a single year. As a result, it is highly improbable that the member of the team was referring to the occurrence of this incident this month. If Ragnar was talking to the amount of the meme coin that could be burned this year, then such a figure appears to be even more plausible than it already is.
If this is the case, it has the potential to have a significant effect on the price of SHIB. When SHIB tokens of such magnitude are burned, the meme coin is known to create a rise. This is not even to mention the potential outcomes that could occur if such a record is achieved.
It is highly possible that Shibarium will be responsible for the burning of 92.5 trillion SHIB tokens if this year's burning objectives are met. With regard to the Shiba Inu fires that have been carried out in recent times, the layer-2 network has been the most significant contribution. It is interesting to note that Shibarium was solely responsible for contributing to nearly half of all the SHIB tokens that were destroyed in the year 2023.
During the course of the previous year, just more than 76 billion SHIB tokens were destroyed, with the layer-2 network being responsible for roughly 34 billion SHIB of those destructions. Shibarium, on the other hand, has not gotten off to a particularly good start this year, as the number of daily transactions has decreased from the highs it reached in December of the previous year. The Shibarium Explorer has provided information that indicates that the number of daily transactions that take place on the network is presently around 4 million.
According to the data provided by the Shiba Burn Tracker, the 9.25 trillion SHIB tokens that are being burned are still a long way from being a reality. This month, little over 64 million SHIB tokens have been burned.
According to information provided by CoinMarketCap, the value of Shiba Inu is currently trading at approximately $0.000008907, representing a decrease of more than 5% in the preceding twenty-four hours.
