Shiba Inu’s recent surge in popularity can be attributed to a significant increase in its burn rate, which has seen a whopping 700% jump, resulting in the removal of 15 million SHIB tokens from circulation. This sudden decrease in supply has caught the attention of the market, leading to heightened anticipation of potential gains.
At the recent Token2049 event in Singapore, Shytoshi Kusama, the leader of the Shiba Inu project, made bullish statements that further fueled excitement among investors. His remarks, combined with rumors of a possible partnership with Tron DAO, have created a buzz within the crypto community. While SHIB is currently trading with a slight 0.18% loss in the last 24 hours, many are optimistic about future price increases.
The Shibburn wallet tracker reveals that most of the burned SHIB tokens (14,980,422) were sent to an unspendable blockchain address in a single transaction. Additionally, two other transactions saw approximately 100,000 SHIB tokens collectively sent to dead-end wallets. This proactive effort to limit SHIB’s supply could potentially drive its value higher in the long run.
Crypto analyst Altcoin Buzz predicts a 36% rally for SHIB, suggesting that the token could reach $0.00002 if the current momentum is sustained. The increased token burns indicate a strategic approach to managing SHIB’s supply, which could lead to a surge in its price.
In addition to the burn rate surge, the speculation surrounding a potential partnership with Tron DAO has added to the excitement. Kusama’s post on X following the Token2049 event hinted at private developments within the project, while his association with a card labeled “Tron DAO” featuring the Tron blockchain logo has sparked rumors of a collaboration. Although no official partnership has been confirmed, Kusama’s tweets suggest that significant developments may be on the horizon.
As of now, 583,494,740,394,717 Shiba Inu coins are still in circulation, with 410,728,825,806,575 SHIB tokens locked in dead-end wallets. The token has experienced a 9.35% rally since the Federal Reserve announced a 50-basis-point rate cut on September 18th.
It’s important to note that the information provided in this article is for informational and educational purposes only. It does not constitute financial advice, and readers are advised to exercise caution before making any investment decisions related to Shiba Inu.