Shiba Inu (SHIB) Burns Millions as Price Breakout Looms
The SHIB community is actively reducing the circulating supply of Shiba Inu tokens through daily burns, transferring millions of meme coins to dormant cryptocurrency wallets.
Over a dozen million SHIB have been destroyed in this process, coinciding with renewed interest in SHIB’s price breakout.
The burn rate surged by 162.85% over the past 24 hours, with 16,210,694 SHIB burned across nine transactions, including a notable transfer of 5,032,618 SHIB.
Recent developments, such as SHIB’s listing on the Nexo cryptocurrency trading platform, have raised expectations for a new all-time high post the upcoming Bitcoin halving in late April.
READ MORE: Bitcoin Analyst Forecasts Major Uptrend with Key Indicator
Analysts, including SHIB team members, anticipate a surge in SHIB’s price following the halving, with predictions of a new historic peak of over $0.001.
Additionally, the Shibariumscan explorer reported a new historic peak of 413,195,897 transactions, with 1,394,435 wallets linked to Shibarium. Daily transaction counts have remained stable around 11,510, showing a slight increase from earlier this week.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
