As of June 12, 2024, Shiba Inu’s burn rate has surged past 3000%, with over 232 million SHIB tokens incinerated in 24 hours. Data from Shibburn shows a 3010.53% increase in the burn rate, removing 232.64 million tokens and positively influencing $SHIB’s market price. To date, the community has eliminated a total of 410.72 trillion tokens.

In the latest burn event, three wallets played a significant role. The first transferred 225.63 million SHIB tokens to a dead wallet, while the other two moved 3.18 million and 1.69 million tokens each. Despite these efforts, SHIB’s price dropped 1.23% over the last 24 hours, 15.82% over the past week, and 1.78% in the past month. Its market cap decreased by 1.21%, but the 24-hour trading volume rose by 27.58%, exceeding $769.77 million, with the market cap still above $12 billion.

Token burns typically boost value, but SHIB hasn’t seen immediate effects. However, optimistic predictions suggest it might reach $0.00002790 in five days and $0.00007004 in thirty days, potentially reflecting a 226.25% increase from the current value. Despite bearish sentiments and a Fear & Greed Index at 72 (Greed), with volatility over 4.5% and a 14-day RSI at 41.31, SHIB’s future remains promising.

Shiba Inu ranks 11th among cryptocurrencies and 2nd among meme coins by market cap, with plans to launch its ETF and challenge Dogecoin ($DOGE). The 3000% burn rate indicates a need to reduce supply to positively influence the token’s value. While SHIB's future looks bright, thorough research and risk assessment are advised before investing.