After Bitcoin reached $63,000 this past week, cryptocurrency traders found themselves buzzing with excitement. Shiba Inu (SHIB), which increased by over 36% over the previous seven days alone, then led a successful altcoin run. But the mounting upside also ties closely to a separate development quietly unfolding on the tokenomics front.
Per the Shibburn data tracker, SHIB saw its token burn rate abruptly explode over 30,000% higher in the last 24 hours. The platform recorded nearly 4 million in net token destruction over the past day as enthusiasm reignited around initiatives further constricting supply availability.
The recent community-driven push has now culled circulation by 410 trillion tokens thus far, equivalent to over 40% of the original minted units. And the diminishing balance continues to stoke speculative interest in the popular Shiba Inu.
Will Shiba Inu surge higher?
Ongoing expansions by developers into areas like metaverse gaming portal also attract investor attention through deepening real-world utility. And conversation around a potential Grayscale Shiba ETF that simplifies exposure for restrictive institutions offers another promising tailwind.
The confluence of positive fundamental catalysts has no doubt aided the meme coin in bouncing over 43% in February alone, cementing itself as one of the month’s top performers so far. SHIB even trades up 5.7% year-to-date now after lagging the wider market previously.
Present values around $0.0000127 translate to nearly 25% weekly gains as traders cheer both the technical breakout and intensifying token burn momentum. Anchored by strengthening community initiatives around promoting long-term viability, forecasters like Telegaon now eye upside targets as high as $0.0005 over the coming years.
While the staggering figure requires extensive ongoing burn progress, analysts highlight the current accelerator as undeniable evidence that reaching such heights grows more plausible under the right conditions. And with open interest across SHIB futures ticking higher amidst the developments, conviction similarly rises on the mounting use cases backing its investment case over time.
