Shiba Inu has seen more than a 250,000% surge in what is considered a big bet on the future of the memecoin’s circulating supply
Shiba Inu (SHIB) has caught investors’ attention with a massive burn rate surge of 254,078% in 24 hours. Shibburn, the dedicated burn tracker, shows that this burn rate surge destroyed 5,638,786,146 SHIB tokens. This marks one of the largest incinerations the project has recorded for a long time.
ShibTorch Contributes to Huge SHIB Burn Rate
Out of this value, wallet “0xbb3…9d8a1” was responsible for the highest burn, incinerating 5.58 billion tokens as a single entity. This wallet is possibly attributed to cat-memecoin project that burnt $100,000 worth of Shiba Inu.
So far, approximately 410.73 trillion tokens have been pulled from the initial supply, bringing the circulating supply to 583.59 trillion.
Recording a high burn rate is fast becoming a regular phenomenon, especially after the introduction of the ShibTorch portal. With this platform, a portion of the base fee from each transaction on Shibarium is directed toward burning SHIB. Ultimately, the burn portal aims to reduce the SHIB supply and manage inflation as key objectives.
If the more than 200,000% burn rate surge continues, more SHIB may go out of circulation. The traditional bullish October saw the Shiba Inu burn rate soar significantly. Collectively, 6.13 billion SHIB tokens were burnt in October, implying a monthly jump of 157.90%.
Shiba Inu Price Outlook And a Golden Cross
The recently recorded burn rate signals a potential price rally for the memecoin. For now, SHIB’s price is reeling in losses, raising concerns amongst investors. Based on insights from CoinMarketCap data, Shiba Inu is trading at $0.00001736, corresponding with a 6.16% dip in the last 24 hours.
There are expectations that the coin will hit a golden cross, but this journey has remained volatile and unpredictable. Markedly, the possibility of this bullish crossover seemed within reach about a week ago, setting the stage for a new bull rally among the SHIB Army. Unfortunately, the current action around their memecoin says otherwise.
Should Shiba Inu continue to record a huge burn rate, achieving a golden cross may become easier over time. Market experts believe if SHIB remains above the 50-day moving average and stays around this range, bullish signals may emerge soon.
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