Shiba Inu Burn Intensifies, Millions Of Tokens Destroyed: 'If Someone Can Pull Miracle Recovery It's SHIB'

Bibhu Pattnaik

March 23, 2024

Meme coin Shiba Inu (CRYPTO: SHIB), the world's second-biggest meme cryptocurrency, has seen a significant surge in SHIB tokens permanently removed from circulation, marking a notable milestone in its journey.

Despite recent market downturns, SHIB's price is on a path to recovery, showcasing the resilient spirit of its community.

The latest data from the Shibburn tracking platform indicates a 103.45% increase in SHIB tokens being burned over the last 24 hours, with 34,681,610 SHIB tokens sent to inaccessible wallets through four separate transactions.

This initiative to burn SHIB tokens is a community-driven effort to reduce the overall supply of the meme coin, thereby enhancing its scarcity and potential value.

Amid the broader cryptocurrency market's recovery, SHIB's marketing lead, Lucie, has expressed optimism about the meme coin's potential.

Also Read: Whopping $33.8 Million Worth Of Dogecoin Shifted To Robinhood — And People Suspect This Person Could Be Behind It

In a post on X, she said she expects SHIB to reach a new all-time high, possibly before or shortly after the upcoming Bitcoin halving event in late April.

Bought the DIP
My lovely $SHIB

If someone can pull miracle recovery it’s $SHIB

I’m expecting ATH soon before or shortly after BTC halving
nfa pic.twitter.com/lOXoHgHWUl
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO

Meanwhile as SHIB trades at $0.00002808, the community and investors alike are keenly watching its trajectory, hoping for a return to its peak price of $0.00008845 achieved in October 2021.

Now Read: Forget Dogecoin And Shiba Inu — This Meme Coin Has Surged Nearly 70% In Just 24 Hours

Image generated using artificial intelligence with Midjourney.

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