Shiba Inu has seen an acceleration in the number of burns being carried out on a daily basis. In the last day alone, the burn rate has more than doubled as investors pour out in an effort to reduce the supply of the meme coin. This triple-digit rise coincides with a recovery from the weekend price lows, suggesting positive sentiment is returning to the market.
SHIB Burns Jump 101%
According to data from the Shiba Inu burn tracking website, Shibburn, the burn rate has seen a notable increase in the burn rate. In the 24-hour period, a total of 19.6 million tokens have been burned, which is a marked difference from the around 10 million that were burned the previous day.
This jump to 19.6 million means a 101% increase in the burn rate, continuing the accelerated burn rate from last week. These token burns were carried out across 11 transactions, with the highest burn transaction sending 8.5 million tokens to the dead wallet. The same wallet was reported sending 1 million and 2 million tokens to the burn address across two other transactions, bringing their burn total to over 11.5 million, making up more than 50% of the burned tokens.
Other notable burn transactions include a single address of around 7.1 million tokens across three transactions. Another wallet burned 1.1 million tokens across two transactions, driving the total amount of burned tokens toward 20 million.
However, while there has been an increase in the daily burn rate, the weekly burned rate has continued to fall short of the prior week. Shibburn’s data shows that 96.97 million tokens have been burned in the 7-day period, a 48.34% decline from the previous week’s numbers.
Shiba Inu Could Reach A New ATH
Following the Shiba Inu price crash, crypto analyst Zach Humphries has chimed in on where the price might be headed. According to the crypto analyst, the market cap of Shiba Inu could rise as high as $100 billion from here.
Given that the SHIB market cap is currently sitting at $10 billion, a rise to $100 billion would mean a 1,000% or 10x increase from here. This would also put its price as high as $0.00017, which would be a brand new all-time high price for the meme coin. Other coins mentioned in the post include PEPE, which the analyst puts at a $50 billion market cap, and Base’s BRETT, saying it will get to a $30 billion market cap.
For now, though, the Shiba Inu price continues to struggle at $0.000017 after suffering a 4.5% crash in the last week. It has also fallen behind Tron’s TRX in terms of market cap, making it the 12th-largest cryptocurrency in the market.
Featured image created with Dall.E, chart from Tradingview.com
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