Shiba Inu's 2,133% Burn Rate Surge Followed by 10% Price Rise: What's Happening?

Dog-themed meme coin Shiba Inu SHIB/USD has seen a massive 2,133% surge in its burn rate, followed by a 10% price rise.

What Happened: According to Shibburn, a platform that collects burn transaction data from Etherscan and presents it to the SHIB community, reported six burn transactions in the last 24 hours.

These transactions resulted in the removal of a total of 34,312,733 SHIB from circulation. This large burn rate led to a 2,133% increase in the Shiba Inu burn rate metric.

Most of the burned SHIB was destroyed in a single transfer, which moved 31,483,015 SHIB to an unspendable blockchain wallet. Two other large transfers moved 1,000,000 and 1,259,569 SHIB to the same destination.

Also Read: Shiba Inu’s 208% Surge This Year Sparks Predictions Of Top 10 Crypto Ranking In 2025

The SHIB community leader, known as Shytoshi Kusama, announced on his official X account that he plans to take a break from social media for a few days. This is due to the launch of a new Shibarium token TREAT and the completion of “2 extremely important papers”.

Why It Matters: The surge in Shiba Inu’s burn rate and subsequent price rise is significant as it indicates a strong demand for the meme coin. The burn rate is a measure of how many coins are being removed from circulation, effectively reducing the supply and potentially driving up the price.

The announcement from Shytoshi Kusama, the SHIB community leader, about his temporary departure from social media and the launch of a new Shibarium token also adds to the intrigue.

The market will be keenly watching the developments around the new token and the impact it could have on SHIB’s price.

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