The Shiba Inu (SHIB) price could be primed for a significant surge if a recent rumor is anything to go by. This will provide a much-needed relief for the meme coin, which has been on a nose dive as of late.
A Record-Shattering Shiba Inu Burn On The Way?
In a now-already deleted X (formerly Twitter) post, Shiba Inu’s team member Ragnar mentioned that the 9.25 trillion SHIB tokens could end up being burned this month. Although it is unclear why Ragnar deleted the post, it could well have been done in order not to raise expectations.
Ragnar could have also deleted the post, following a mistake on his part, especially considering how mammoth 9.25 trillion SHIB is. The highest number of SHIB tokens that have been burned in a month still happens to be in the range of billions.
In fact, besides Ethereum founder Vitalik Buterin’s burn, never has a trillion Shiba Inu tokens burned in a single year. As such, it seems unlikely that the team member was referring to this happening this month. If anything, such a figure even seems more plausible if Ragnar was referring to how much of the meme coin could be burned this year.
If that is the case, it could have a massive impact on SHIB’s price. The meme coin is known to make a rally whenever SHIB tokens of such magnitude are burned, not to talk of what could happen if such a record is achieved.
SHIB price at $0.000009 | Source: SHIBUSD on Tradingview.com
Shibarium’s Role In Achieving The Record
If 92.5 trillion SHIB tokens manage to be burned this year, it will likely come from Shibarium’s efforts. The layer-2 network has, in recent times, been the biggest contributor to the Shiba Inu burns carried out. Interestingly, Shibarium singlehandedly contributed to almost half of all the SHIB tokens that were burned in 2023.
Last year, just over 76 billion SHIB tokens were burned, with the layer-2 network contributing almost 34 billion SHIB to those burns. Shibarium has, however, not had a great start to the year, with daily transactions declining from highs it recorded in December last year. According to data from the Shibarium Explorer, daily transactions on the network currently stand at 4 million.
Meanwhile, the 9.25 trillion SHIB tokens being burned remains from being a reality as just over 64 million SHIB tokens have been burned this month, according to data from the Shiba Burn Tracker.
At the time of writing, Shiba Inu is trading at around $0.000008907, down over 5% in the last 24 hours, according to data from CoinMarketCap.
Featured image from FX Leaders, chart from Tradingview.com
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