Massive 7000% Jump in This Shiba Inu (SHIB) Metric: Bull Market Incoming?

TL;DR

The Shiba Inu burn rate has surged by over 7,400% in the last 24 hours, leading to over 369 million SHIB being removed from circulation.
The burning program’s intent is to decrease the token’s overall supply, possibly increasing its scarcity and value; the coin’s price has risen by 12% weekly.
Shibarium, Shiba Inu’s layer-2 scaling solution that launched in August, has quickly gained traction with over 3.5 million transactions and 1.3 million blocks.

The popular memecoin Shiba Inu continues to witness a substantial amount of its circulating supply being destroyed.

According to data provided by Shibburn, the asset’s burn rate has skyrocketed by over 7,400% in the past 24 hours, meaning more than 369 million SHIB were sent to an address that nobody could access. The total assets removed from circulation in the last week surpassed 630 million.

HOURLY SHIB UPDATE$SHIB Price: $0.00000804 (1hr -0.04% ▼ | 24hr -0.69% ▼ )Market Cap: $4,740,393,148 (-0.38% ▼)Total Supply: 589,338,063,097,415

TOKENS BURNTPast hour: 100,000,000 (1 transaction)Past 24Hrs: 369,325,843 (7432.98% ▲)Past 7 Days: 638,704,474 (146.54% ▲)

— Shibburn (@shibburn) October 29, 2023

The burning program adopted by Shiba Inu aims to reduce the overall supply of the token and potentially make SHIB more scarce and valuable in time. Its price has been on an uptrend lately, rising over 12% on a weekly basis. 

Other factors playing a role in the ascend could be the overall bullish sentiment of the crypto industry and the further advancement of the layer-2 scaling solution Shibarium.

The latter officially went live at the end of August and has quickly gathered the community’s attention. As CryptoPotato reported, the total transactions on Shibarium exceeded 3.5 million, whereas the number of total blocks topped 1.3 million.

Those willing to learn more about the network’s purposes and specifics could watch the video below: