Shiba Inu (SHIB) Burn Rate Shoots up 647% as Price Rallies 13%

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Something unusual is happening with Shiba Inu (SHIB) as multiple metrics are skyrocketing today. Beginning with the burn rate, data from Shibburn shows that this metric has jumped by over 640% in 24 hours to 5,555,360 SHIB. This uptick is evidence of bullish activity within the Shiba Inu ecosystem.

Shiba Inu price and potential catalyst

As mild as the total SHIB burnt is, the token has seen a more ambitious price rally. As of press time, it is outpacing the top 20 coins in price after soaring by 13% in 24 hours. 

Shiba Inu Burn Rate. Source: Shibburn

With this growth rate, SHIB's price jumped to $0.0000168, the highest level it has reached over the past month, in a major push toward profitability.

The optimism around Shiba Inu was enhanced lately following the update from the project’s marketing lead, LucieSHIB, regarding the proposed stablecoin it is planning. The team believes it is high time it introduced a stablecoin, dubbed SHI, which will be pegged at $0.01. 

With full disclosure, LucieSHIB noted that the team had not determined the specific mechanism to achieve this peg with further updates. However, she has unveiled some of the stablecoin’s major selling points, including its potential role in the ecosystem.

Shiba Inu is advancing fast and has continued to roll out new products and services to serve its growing community. While the timeline for the launch of SHI remains unknown, it has given the community another positive boost to go all out on the token.

Shibarium reboot

The emergence of SHI will serve as the missing ingredient for Shibarium dApps and projects. With SHI, the various smart contracts hosted on the layer-2 scaling solution will have standby liquidity that can best power their growth.

Overall, Shibarium has been preparing for this potential reboot over the past months after its previous hard fork. With a defined uptick showcased by transaction count, Shibarium is set to be boosted even more in the near future.