Shiba Inu Scorches $476K of SHIB, Skyrockets Burn Rate to 28,000%

• Recent Surge in Shiba Inu (SHIB) Token Burns
• Source of Burnt Tokens and Majority Stakeholders
• Possible Impact on Shiba Inu's (SHIB) Price
• Shiba Inu's (SHIB) Price Projection for 2023 and Beyond

Recent Surge in Shiba Inu (SHIB) Token Burns

The Shiba Inu$0.000010 -2.05% (SHIB) team has eliminated approximately $476,000 worth of tokens in just five weeks. Yesterday's burn event alone saw over 9.3 billion SHIB tokens, equivalent to more than $89,000, removed from circulation. This significant increase in token burns has led SHIB's burn rate to soar over 28,000%.

Source of Burnt Tokens and Majority Stakeholders

The source of these burnt tokens primarily stems from the fees gathered on the Shibarium network, which was launched in August of the previous year. To date, more than 410 trillion Shiba Inu (SHIB) tokens have been removed from circulation due to these burns. Ethereum$2,315 -2.42% co-founder, Vitalik Buterin, is the individual responsible for burning the majority of these tokens. He received half of SHIB's initial supply and elected to burn 90% of the tokens he was given, while the remaining tokens were donated to charity.

Possible Impact on Shiba Inu's (SHIB) Price

There has been a slight rally in SHIB's price, with a 1.1% increase shown in the daily charts, potentially as a result of the substantial token burns. Nevertheless, this popular meme cryptocurrency is still experiencing a decline of over 10% in the weekly charts and more than 12% over the last 14 days. Also, compared to the last month, SHIB's price has dropped by 2.4%.

Shiba Inu's (SHIB) Price Projection for 2023 and Beyond

Shiba Inu's (SHIB) price, despite struggling throughout 2023, has regained a zero after its decimal point, which it lost in December. However, if we enter a bull market this year, SHIB's price may rally. There is an expectation among many analysts for the cryptocurrency market to enter a bull run in 2024, propelled by the introduction of a Bitcoin$42,260 -0.64% (BTC) ETF (Exchange Traded Fund) and BTC's halving event in April.

Additionally, the SHIB team has announced plans for the Shibarium network to start burning tokens in January 2024. Some believe this new burn mechanism could remove trillions of tokens annually. If the team is successful in burning trillions of tokens monthly, we could see a price spike soon.

Edited by Jonathan Stoker