Shiba Inu Burn Rate Surges 30,000%: Can SHIB Sustain its Rally?

• Shiba Inu witnessed an unprecedented 30000% surge in its burn rate on March 1st, sparking widespread interest among crypto traders and investors.
• Shiba Inu unveiled plans to introduce a privacy-focused network on the Shibarium blockchain, collaborating with Zama to implement Fully Homomorphic Encryption (FHE).

In the wake of an extraordinary month for Shiba Inu, the Ethereum-based memecoin, witnessed an astonishing 30000% surge in burn rate today, March 1. This surge in burn rate swiftly caught the interest of cryptocurrency traders and investors worldwide, as Shiba Inu experienced a remarkable surge in value over the past few days, reaching heights of $0.000014.

Over the last week, the Shiba Inu (SHIB) price has surged over 40% as it joins Dogecoin in the memecoin price rally, as per the report by Crypto News Flash.

The surge in the Shiba Inu SHIB burn rate reflects efforts to enhance the token’s economics. With 3.75 million SHIB tokens destroyed in the last 24 hours alone, the meme coin’s supply continues to diminish, fueling further optimism among crypto enthusiasts worldwide.

The number of tokens burnt from Shiba Inu’s original supply now stands at approximately 410.70 trillion SHIB, with a circulating supply of 581.65 billion coins, as reported by Crypto News Flash.

A multitude of new features were introduced to Shiba Inu’s ecosystem, demonstrating the community’s commitment to enhancing the ecosystem’s tokens. These advancements encompassed the introduction of SHEboshi, the upcoming launch of KNINE, a collaboration with Zama, and various other initiatives, reports Crypto News Flash.

Shiba Inu Introduces New Privacy Tech

In another major development, Shiba Inu revealed plans to implement a new privacy-centric network atop the Shibarium blockchain, enhancing the value proposition of SHIB tokens. Shiba Inu is collaborating with the open-source cryptography firm Zama on this initiative. The network, which remains unnamed, will utilize Fully Homomorphic Encryption (FHE), a privacy tool enabling developers to utilize data in untrusted domains without requiring decryption.

Furthermore, the upcoming network will be powered by the Shiba Inu ecosystem token treat (TREAT), serving as a “new privacy layer.” This layer will enable developers to incorporate a focused network atop Shibarium, a layer-2 network settling transactions on the Ethereum blockchain. According to Shiba Inu developers, this move aims to enhance on-chain privacy for SHIB token holders and safeguard their personal and transactional data.

“These are two different entities, and separate for a variety of reasons,” told Shiba Inu founder Shytoshi Kusama to CoinDesk.

SHIB Price Action Ahead

Shiba Inu ecosystem’s marking specialist Lucie has dropped a few nuggets while hinting at the possibility of a potential rally ahead. Interestingly, she also predicts an 800% rally for the Shiba Inu price.

Lucie highlights similarities with the 2021 bull run for Shiba Inu, noting an astounding 800% surge in just one week, even without any documented burns. The implication is clear: history could potentially echo itself.

$SHIB surged 800% in a week without any burns in 2021.

Eager to see the outcome in 2024.

Slow burns and steady demand are essential.$SHIB is poised for growth and waits for no one.

— ???????????????????? | SHIB.IO (@LucieSHIB) February 28, 2024

Lucie suggests that the incremental burns and rising demand may propel Shiba Inu’s expansion. The Shibburn tracker also underscores Shiba Inu’s surge in 2021 attributed to heightened demand. Following a correction after Vitalik Buterin’s burn of 410 trillion SHIB, Shiba Inu rebounded, reaching a record high of $0.00008845 in October 2021.

Lucie’s observations have stirred excitement within the Shib Community, with many anticipating an impending Shiba Inu rally.