The Shiba Inu burn rate saw a dramatic augment, reaching over 24,271% in just one day. According to tracking platform Shibburn, this massive token burn coincides with a noticeable augment Shibarium transactions. Given the significant number of tokens burned in these large-scale SHIB transactions, this development has the potential to serve as a catalyst for price increases, driving up the price of the Shiba Inu breed towards the $0.00008 milestone.

Shiba Inu burn rates and Shibarium trades are skyrocketing

The Shiba Inu community was filled with optimism as reports of an augment in SHIB burns spread across the cryptocurrency market. Just this week, the latest data showed that the Shiba Inu burn rate, which measures the number of tokens permanently withdrawn from circulationhas seen a dramatic augment over the past few days.

Tracker Shibburn reported a massive 24,271% augment in SHIB burns in a single day, resulting in the destruction of approximately 5,674,617,337 SHIB tokens. Earlier this week, Shibburn revealed another significant augment in Shiba Inu X-burns.

According to burn tracking platform SHIB, token rate burnt on October 31, it increased by an astonishing 373,969.11% in just one day. This massive burn rate resulted in over 5.6 billion SHIB tokens being sent to dead wallets. Moreover, in the last 24 hours A Shiba Inu recorded a historic moment because $100,019 worth of SHIB tokens were burned in one day.

It is worth noting that the SHIB burn rate is not the only indicator of growth in the SHIB ecosystem. Lucie, SHIB’s CMO, revealed in a recent X (formerly Twitter) postthat every day transactions on the Shibarium Layer-2 network the number of transactions skyrocketed to 3.89 million, recording a total transaction volume of 446,904,690 at the time.

The Shiba Inu Marketing Manager commemorated the Shibarium builders, particularly WoofSwap, for their unwavering commitment to driving growth and innovation in the Shibarium ecosystem. Lucie revealed that last year, WoofSwap achieved a milestone for the Shibarium network after initiating a significant minting movement that contributed to Shibarium burning almost $1 million worth of SHIB tokens.

Could the recent rise in SHIB push the fuel level to $0.00008?

Continuous growth SHIB is burningcoupled with Shibarium’s recent surge in business, represents an critical milestone for the Shiba Inu community. This achievement reflects community desire for additional SHIB burns aimed at increasing token scarcity and increasing demand.

Typically, when a cryptocurrency is burned, it means it has been completely removed from circulation, which often causes shortages and can lead to potential price increases as the demand for cryptocurrency increases.

In the case of Shiba Inu, the total circulating supply of meme coin is 589.26 trillion SHIB. Of this substantial supply, 410.7 trillion SHIB tokens were burned, which is almost half of the original total supply of 1 trillion SHIB tokens at launch four years ago.

The continued firing of SHIB could cause the Shiba Inu price to return to its former all-time highs of $0.000086. Moreover, the optimism resulting from these burns will drive demand and potentially fuel a gradual augment in emissions SHIB price up to $0.00008.

At the time of writing Shiba Inu price is trading at $0.000017, up 2.3% in the last 24 hours. An augment in price to $0.00008 would require the Shiba Inu breed to jump by approximately 370.59%.

Featured image created with Dall.E, chart from Tradingview.com