SHIB Price Rally Incoming? Massive 1.5 Billion Shiba Inu Tokens Burned in October

[CryptoPotato]

TL;DR

SHIB’s October Burn: Shiba Inu destroyed over 1.4 billion tokens with a notable day on October 28, but this burn rate was 37% less than September. The process correlated with a 5% SHIB price increase in a week.
Performance Insights: SHIB saw a 12% rise over two weeks.
Shibarium’s Impact: The recently launched Shibarium scaling solution has already achieved significant milestones, potentially influencing SHIB’s price further.

SHIB’s Massive Burn Rate in October

According to Shibburn, the popular memecoin Shiba Inu saw over 1.4 billion assets destroyed throughout the previous month. The record day was October 28, when more than 250 million SHIB were sent to an address that nobody could access.

Despite the impressive numbers, last month’s burn rate was actually 37% lower than the one observed in September.

1,461,135,923 $SHIB tokens have been burned in the month of October with 753 transactions. #SHIB pic.twitter.com/fw6g9DQaOy

— Shibburn (@shibburn) November 1, 2023

The successful execution of the program has been viewed as a bullish factor that could propel a price rally for Shiba Inu’s native token. SHIB has spiked approximately 5% in the last seven days and 12% on a two-week basis (per CoinGecko).

What About Shibarium’s Role?

Another element that might act as a catalyst for SHIB’s price increase could be the further advancement of the layer-2 scaling solution Shibarium. The network saw the light of day approximately two months ago and has already blasted through several important milestones.

As CryptoPotato reported, total transactions have surpassed 3.5 million, whereas wallet addresses are inching towards 1.3 million. More information about Shibarium’s purposes and specifics can be found in the video below: