SHIB Burn Rate Soars 1600%: A Potential Price Rally on the Horizon?

• Shiba Inu's (SHIB) Token Burn Rate Soars by 1677.45%
• The General Crypto Market Faces Corrections
• Shiba Inu's Momentum into the New Year 2024
• Potential Changes for the Popular Memecoin

Shiba Inu's (SHIB) Token Burn Rate Soars by 1677.45%

Shiba Inu$0.000010 -2.05%'s (SHIB) burn rate has seen a staggering increase of 1677.45%, with over 131 million tokens burned in the past 24 hours. The increase has been significantly influenced by a single transaction that removed over 123 million SHIB tokens from circulation.

Despite the remarkable spike in the burn rate, Shiba Inu's (SHIB) price experienced a dip, falling 3.2% within the last 24 hours. Nevertheless, the token has maintained a positive trajectory on a broader timescale, with a gain of over 11% in the last two weeks and over 25% in the previous month.

The General Crypto Market Faces Corrections

The wider crypto market has witnessed a correction in the last 24 hours. Bitcoin$42,260 -0.64% (BTC) has fallen 1% as per daily charts, while Ethereum$2,315 -2.42% (ETH) has dipped by 0.7% in the same period. Solana$104 5.03% (SOL) has seen a drop of over 4%, and Avalanche (AVAX) has decreased by more than 6% in the same time frame.

Shiba Inu's Momentum into the New Year 2024

SHIB's price has had a challenging year for most of 2023. Since January, the token has only seen a rally of about 28%. Memecoins, in general, have played a relatively subdued role this year, with Dogecoin$0.091 -0.42% (DOGE), SHIB's primary competitor, rallying by just over 32% within the same period. Comparatively, other altcoins have demonstrated superior performance. For instance, Solana (SOL) has rallied by over 1000% since January 2023.

Potential Changes for the Popular Memecoin

However, the fortunes of the popular memecoin may soon change. If the crypto market enters another bull run next year, Shiba Inu (SHIB) may witness a dramatic rise in its price. In anticipation of such a trend, the team is developing several new initiatives for the SHIB ecosystem. The focus of these initiatives is to increase burns and promote wider adoption. Moreover, earlier this year, the project launched its layer-2 network. Although this launch did not immediately boost SHIB's price, it has the potential to encourage more applications on the SHIB network in the future.

Edited by Jonathan Stoker