Over 535 Million SHIB Burned: Price Surges as Scarcity Rises

• Shiba Inu’s latest 535M token burn led to a 416% weekly surge in burn rate.  
• SHIB price surged 7.58% in the last seven days, currently trading at $0.00001311.  
• Analysts suggest a potential 500% breakout, with a target of $0.000081.

SHIB is up, surging over 7% in the past week, fueled by one of its largest token burns. Onchain data shows a massive 535,850,180 SHIB tokens permanently removed from circulation. 

This burn triggered a staggering 416% increase in the weekly burn rate, a factor that clearly contributed to the price jump. Currently trading at $0.00001311, let’s look at what can keep this momentum to continue.

What’s Driving the SHIB Token Burn?

Data from Shibburn showed that in a single burn event, 459,294,504 SHIB were taken out of circulation, making it the biggest burn of the past week. These burns are a community effort, designed to increase scarcity and potentially drive up the price. 

So far, these have been executed through multiple avenues, including the SHIB team utilizing BONE gas fees from Shibarium and rival meme coin projects keen to gain traction by sending large amounts of SHIB to dead wallets. The growing trend of suppl…

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