Burn Rate Spikes 7,686,774%, Will it Delete a Zero?

Shiba Inu’s (SHIB) burn rate has spiked by over 7.6 million percent, burning over 8.3 billion tokens in the last 24 hours. One transaction, in particular, removed a majority of the coins, incinerating more than 8.2 billion SHIB.

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Shiba Inu’s (SHIB) price has surged 12% in the weekly charts and 13.3% over the previous month. However, the token is still down by 0.6% in the last 24 hours.

It is unclear if the massive burns pushed SHIB’s price or if it was because of the market rally. Bitcoin (BTC) surpassed the $41,000 mark, propelling other cryptocurrencies. SHIB is getting very close to deleting a zero in its price after the decimal point, which it gained in August this year.

Will Shiba Inu delete a zero soon?

Shiba Inu (SHIB) has to rally by about 10% to delete the zero it gained in August. SHIB’s price has struggled for most of 2023, gaining only about 12.2% since January 2023. On the other hand, Bitcoin (BTC) has surged by over 150%, and Solana (SOL) has risen by over 500% in the same time frame. Memecoins, in general, took a backseat in 2023. Despite a significant layer-2 network launch earlier this year, SHIB’s price did not rally.

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According to PricePredictions, SHIB’s price will drop over the next few days. The platform does not anticipate SHIB to delete a zero this year. PricePredictions expects SHIB to drop to $0.00000898 by Dec. 11, 2023, a fall of about 1.2% from current levels.

CoinCodex also does not anticipate Shiba Inu (SHIB) to delete a zero this year. The platform predicts SHIB to hit a price of $0.00000907 on Dec. 11, 2023, a 0.2% dip from current levels.