Shiba Inu Could Spark Millionaire Boom With Crazy $0.001 SHIB Price As SHIB Burn Rate Soars 3,000%
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Shiba Inu (SHIB) has seen a 3,700% increase in burn rate in the last 24 hours, paving the way for a mega price increase as the supply takes a hit.
The colossal increase in SHIB tokens removed from the circulating supply could see SHIB hit the highly-coveted $0.001 price in the long term.
SHIB Burn Rate Soars 3,000%
Data from the Shiba Inu burn tracker, Shibburn, shows that in the last 24 hours, over 300 million SHIB tokens have been taken out of the circulating supply. The SHIB burn rate has also increased by over 3,700%.
SHIB burn is a process in which a given amount of tokens are sent to a frozen wallet address, permanently removing them from the circulating supply. Since SHIB conducts these token burns regularly, a declining supply in the face of increasing demand could drive price gains.
Data from IntoTheBlock shows heightened activity on Shibarium, which could be behind the increasing burn rate. The number of daily active addresses on Shibarium has also increased by 65%.
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