The Shiba Inu (SHIB) burn rate has skyrocketed by 588% in the past 24 hours, according to data from blockchain tracker Shibburn.
While this spike has led to a small price increase, there are still major hurdles before SHIB can reach higher price levels.
SHIB Burn Rate Jumps
The Shiba Inu community has successfully burned 15,492,566 SHIB tokens, significantly reducing the circulating supply.
The largest single burn transaction removed 13,755,030 SHIB, while another major burn accounted for 800,000 SHIB.
However, despite this daily increase, the weekly burn rate has dropped by 37.88%, with 81,938,935 SHIB burned in the past seven days.
Massive Supply Still in Circulation
Currently, there are still 584.3 trillion SHIB tokens in circulation, while 410.7 trillion SHIB have already been burned.
While many SHIB supporters believe that reaching $0.10 or higher is possible, they also agree that at least 90% of the supply needs to be burned to make that happen.
SHIB Executive Warns About Crypto Risks
Lucie, a marketing expert for SHIB, recently issued a warning to investors, describing the crypto market as “lawless, unpredictable, and full of both opportunity and danger.”
She emphasized that volatility and hype can easily trap inexperienced traders, urging the community to stay sharp, play smart, and never invest more than they can afford to lose.
Will SHIB Keep Rising?
While the burn rate increase is a positive sign, the current supply remains too high for a major price surge.
Unless burn rates continue rising at a massive scale, SHIB’s long-term price growth will still depend on market trends and investor demand.
