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Over 82 million Shiba Inu coins were burned in 24 hours. How does the price react?

Over 82.14 million Shiba Inu (SHIB) tokens have been burned, leading to an extraordinary 4,111.57% increase in burn rate over the past 24 hours.

Shipburn, a burn tracker dedicated to the Shiba Inu, has been monitoring the development.

Could Shiba Inu price increase by 24%?

Understands the process Burning these codes permanently removes them Trading by transferring it to a dead wallet. This method is strategically designed to reduce the overall supply of SHIB, thereby increasing their scarcity and potential market value.

Following this latest fire, the total number of SHIB tokens destroyed rose to over 410 trillion, with approximately 589 million SHIB remaining in active circulation.

Read more: Shiba Inu | What is the burning rate of the coin itself?

Shiba Inu Burn Rate
Shiba Inu Burn Rate. Source: Ship burning

Despite the large volume of tokens burned, the immediate impact on SHIB price was minimal. The value of the 82 million SHIB destroyed in this latest event is around $2,035, which is relatively small and therefore not enough to cause a significant rise in the price of the token.

However, the sharp increase in burn rate has reignited optimism within the Shiba Inu community. Members and investors hope that the next SHIB burn gate will amplify token deflation, potentially leading to larger price movements.

“Recent upgrades and bullish market statistics support SHIB’s green business trend” books Dylan, Shiba Inu enthusiast.

Additionally, the Shiba Inu has implemented significant technological advancements in its quest to move beyond the origins of the meme coin. The introduction of Shibarium, an Ethereum layer 2 scaling solution, represents a crucial step in improving blockchain efficiency.

This upgrade includes a major fork completed last week, which promises faster transactions and more stable gas fees, and will likely improve the overall user experience on the network.

Additionally, the Shiba Inu team reportedly raised $12 million in April to develop a new layer 3 blockchain. This fundraising effort attracted contributions from high-profile investors such as Polygon Ventures, Mechanism Capital, and Animoca Brands.

Recent technical analysis from BeInCrypto indicated a potential 15% increase in SHIB price, with a target of $0.00002625. After reaching this level, the token saw a slight decline of around 4%, reflecting the current market volatility. However, SHIB is now forming an inverse head and shoulders chart pattern.

Read more: Shiba Inu (SHIB) Price Forecast for 2024, 2025, 2026, 2027

Shiba Inu (SHIB) Price Performance
Shiba Inu (SHIB) Price Performance. Source: Commercial view

The analysis suggests that a potential breakout could send SHIB price up over 24% to $0.00003103. However, if this breakout does not occur, the token could find support at around $0.00002349.

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