SHIB Burns Explode Again With 38,043% Surge, What’s Next for Price?

Shiba Inu is beginning to see strength return to its ecosystem, and its key metrics appear to be moving to the levels they began the new year with.

This positive momentum has been mostly noticed in its burn metric, as SHIB burns have moved seven figures in the last 24 hours, signalling strong network growth.

SHIB burn rate soars 38,043%

On Saturday, Jan. 10, data from on-chain monitoring platform Shibburn shows that 7,247,330 SHIB have been sent out of circulation in the last 24 hours.

As a result of this large burn activity, the asset’s daily burn rate has soared massively by 38,043%. This notable surge in the asset’s burn activity has come after multiple days of consistent lows, when the SHIB burn rate remained steadily in the red zone.

Notably, such an increase was only seen at the beginning of the year.

With over 7 million SHIB erased from circulation in the last 24 hours, the Shiba Inu total supply is now sitting at 589,245,806,058,242 SHIB out of an initial supply of 1 quadrillion tokens.

This massive burn activity aims to drastically reduce the amount of SHIB available for traders to own, serving as a way to fuel scarcity amid growing demand. This move often propels the price of the asset for a positive outlook in the long run.

What’s next for SHIB?

Following the rapid surge in the Shiba Inu burn metric, the asset appears to be showing signs of potential resurgence as its price has switched from the red territory to the green side of the market.

While momentum appears to be building, Shiba Inu has surged decently by 0.25% over the last 24 hours, with its price sitting at $0.000008642 as of writing time.

Although the asset’s next price action remains uncertain, the significant surge in its burn rate coinciding with a mild resurgence in its price move could be a sign of a major breakout ahead.