binance_id_960821277

Can SHIB price surge 150% as Shiba Inu burn rate rockets over 3,200%

Shiba Inu price has been in a strong downward momentum after peaking at $0.0000329 in December last year.

Shiba Inu shib-7.13%Shiba Inu has dropped by 61% and crashed to its lowest level since September 5, 2024. 

This crash has coincided with the overall weakness in the crypto industry, especially meme coins. Most meme coins, including the likes of Dogecoin doge-10.72%Dogecoin, Pepe pepe-11.25%Pepe, and Floki floki-11.94%FLOKI have fallen by double digits.

Shiba Inu price has three potential catalysts that may push it higher in the coming days. First, its burn rate has jumped in the past few days. The daily burn rate rose by 3,253% to 29.3 million on March 8. 

This means that the network has incinerated over 410 trillion coins since its inception, leaving the circulating supply at 584 trillion. A token burn is a mechanism where cryptocurrencies are transferred to an inaccessible address.