• Shiba Inu has doubled down on its deflationary move with a 200% jump in SHIB sent to dead wallets.
• Shiba Inu has maintained consistency in its ecosystem development in moves that might impact prices positively.

Shiba Inu (SHIB) has recently witnessed a remarkable 200% surge in its burn rate, amidst a resurgence in price, sparking speculation among investors about the potential for its value to return to the $0.00001 level.

Rapid Increase in SHIB’s Burn Rate

According to Shibburn, a platform dedicated to tracking Shiba Inu’s burn activities, the burn rate has skyrocketed by nearly 200% in 24 hours. The platform noted that over 7 million (7,648,382) SHIB tokens were burned, fueled by two substantial burn transactions. 

The first transaction, initiated by an unknown wallet address, saw approximately 3.60 million SHIB tokens burnt, followed shortly by another transaction burning about 4.01 million SHIB. This surge in burn activity highlights the community’s commitment to reducing SHIB’s total supply, thereby enhancing its scarcity and potentially driving up its value over time.

The overall purpose of the Shiba Inu burn initiative is to diminish the circulating supply of SHIB tokens, ultimately increasing its scarcity and potentially increasing its value. 

As of this writing, over 1 billion SHIB tokens have been destroyed in recent times, leading to an impressive burn rate surge of 86.9%. This ongoing process has seen a reduction in SHIB’s total supply, with approximately 410.70 trillion SHIB tokens burnt out of the initial 999.98 trillion supply.

Prospects of Shiba Inu Reaching $0.00001

The question of whether Shiba Inu can reach the coveted price level of $0.00001 hinges on various factors. Amidst this surge in burn activity, SHIB’s price is experiencing critical volatility, particularly around the 59 trillion SHIB price level. This level has emerged as a battleground for bulls and bears, with its breach likely to dictate SHIB’s future pricing dynamics.

Currently trading at $0.000009377, SHIB’s ability to maintain its position above the 59 trillion mark is being closely monitored by investors. Sustained strength at this level could signal robust demand and buying momentum, potentially propelling SHIB toward its next major resistance level at around $0.000011. Such a move would not only represent a substantial gain of approximately 90% but also pave the way for the possibility of SHIB shedding a zero from its price.

Conversely, a failure to hold above this critical level could indicate a loss of support, placing sellers in control and potentially leading SHIB toward its next support level at $0.000008. However, even in the event of a decline, this level might serve as a temporary halt, offering a foothold for potential recovery.

Adding to SHIB’s ecosystem developments, the transition of Shibarium’s Puppynet to the Sepolia network is garnering attention within the community. This move aims to provide developers with a robust testing ground similar to the Ethereum mainnet. Furthermore, Shibarium’s amazing jump in new accounts, which increased by 621% in just 24 hours, demonstrates the platform’s expanding popularity.