The renowned dog-themed meme coin Shiba Inu burn rate has again witnessed a remarkable surge on Friday, up roughly 1000%. Recent data provided by the token’s burn tracker indicated that over 6 million coins were permanently removed from the asset’s market supply. In turn, traders and investors anticipate a bullish impact on $SHIB
price, with their optimism further supported by the latest community developments.
Shiba Inu Burn Rate Blows Up 1000% As Over 6M Coins Destroyed
As per an X post by the burn tracker Shibburn on January 24, the intraday Shiba Inu burn rate spiraled 1041%, propelling market optimism surrounding the meme crypto. Primarily, as 6.7 million tokens were removed from the circulating supply, traders and investors anticipated price gains ahead, mirroring the law of supply and demand.
For context, the meme coin’s burn mechanism sends #SHIB tokens to a null address, thereby permanently removing them from the supply. In light of the abovementioned blow, market watchers expect a potential upswing despite the demand remaining the same.
Latest Community Developments Inject Additional Optimism
Simultaneously, it’s worth mentioning that the leading meme coin‘s community has also secured a landmark achievement recently. The introduction of ShibOS, a blockchain-based operating system, has emerged as a revolutionary action in the Web3 space.
Notably, the #SHIBCommunity introduced ShibOS, offering users seamless Web2 to Web3 transition opportunities for various use cases. This advancement, coupled with the Shiba Inu burn rate surge, has birthed noteworthy bullishness over the meme-themed asset’s long-term forecast.