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Shiba Inu’s (SHIB) burn rate has spiked by 144,233.06%. The project’s burn mechanism has sent over 2 billion SHIB tokens to the dead wallet. One transaction in particular is responsible for most of the burns. Source: Shibburn Also Read: Binance’s BNB Hits New All-Time High: Can It Hit $800 Next? Shiba Inu’s Price Movements Source: CoinGecko SHIB has reclaimed the $0.00003 price point once again. The asset has rallied 24.1% in the weekly charts, 23.7% in the 14-day charts, 80.2% over the previous month, and 231.4% since December 2023. Despite the rally, SHIB’s price has dipped 0.5% in the last 24 hours. The recent burns could be behind SHIB’s latest price spike. The crypto market is also witnessing a surge in altcoin prices. TRON (TRX) and BNB hit new all-time highs earlier today, and other altcoins are also experiencing significant gains. The surge in altcoins could be due to Grayscale filing for a Solana ETF and WisdonTree filing for an XRP ETF. Bitcoin (B...

The Shiba Inu community is quite optimistic about the SHIB burn mechanism. They believe that the asset could ‘burn’ its way up to psychological benchmarks like $0.001 and $0.01. The community keeps burning Shiba Inu tokens on a daily basis. Additionally, Shibarium is also set to remove tokens out of the circulating supply. Now that the L2 network has already been launched, could trillions of tokens be burnt and propel SHIB’s price to new highs? Also Read: Shiba Inu Investor Misses 200,000x Returns on SHIB, Here’s Why The real impact of Shibarium Will Reflect in 8-12 Months In 2022, ‘Queenie’ chalked out a hypothetical scenario about how many burns could actually transpire. She projected that if things went as planned, around 111 trillion SHIB tokens could be burned each year. That is approximately 20% of Shiba Inu’s circulating supply. She projected on Twitter that even if a 1% transaction fee for SHIB burns was implemented in Shibari...