- Shiba Inu’s burn rate surged by 700%, removing 15 million SHIB tokens from circulation.
- Shytoshi Kusama’s bullish statements at Token2049 and a potential Tron partnership have fueled excitement.
- While SHIB is trading with a 0.18% loss in the last 24 hours, the crypto community braces for further gains.
Shiba Inu has gained serious momentum thanks to a massive 700% jump in its burn rate and bullish comments from Shytoshi Kusama at the Token2049 event in Singapore. The SHIB token initially surged over 9% on the news but is currently trading with a 0.18% loss in the last 24 hours as the crypto community anticipates further gains.
According to the Shibburn wallet tracker, Shiba Inu’s recent spike in burn rate, up 772%, has removed 15 million SHIB tokens from circulation. This significant reduction in supply has the market eyeing potential gains.
Most of this burned SHIB (14,980,422 tokens) was sent to an unspendable blockchain address in a single transaction. Additionally, two other transactions saw roughly 100,000 SHIB combined sent to dead-end wallets.
Altcoin Buzz, a crypto analyst, predicts a 36% rally, suggesting SHIB could reach $0.00002 if the current momentum holds. The increased token burns signal a proactive effort to limit SHIB’s supply, which could drive its value higher.
Adding to the excitement, Shytoshi Kusama, the leader of the Shiba Inu project, made a post on X after attending the Token2049 event in Singapore, invigorating the market. His mention of private developments, combined with rumors of a potential partnership with Tron DAO, has sparked widespread speculation.
Kusama was seen with a card labeled “Tron DAO,” featuring the Tron blockchain logo. Meanwhile, Justin Sun, founder of Tron, attended the crypto conference as one of its sponsors, further intensifying speculation about a collaboration between Shiba Inu and Tron.
Although Kusama has not confirmed any official partnership, his tweets following the event hint that significant developments might be in the works.
As of this press time, 583,494,740,394,717 Shiba Inu coins remain in circulation, while 410,728,825,806,575 SHIB are already locked in dead-end wallets. Additionally, Shiba Inu has rallied about 9.35% since the Fed announced a 50-basis-point rate cut on Wednesday, September 18.
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Source: https://coinedition.com/shiba-inu-burn-rate-surges-700-price-rally-fueled-by-kusamas-remarks/