Shiba Inu’s (CRYPTO: SHIB) burn rate spiked by over 727,000% in the last 24 hours, with a total of 8.6 billion SHIB tokens burned in six transactions. 

What Happened: The Shiba Inu team performed the second major burn on Shibarium. 

Lucie, a SHIB team member, reported this major burn, while stating that more will follow. The lead SHIB developer, Shytoshi Kusama, is optimistic about the burn’s impact on global adoption. 

Kusama said on X, “Impactful burns will only take place through global adoption. We’ve seen adoption trickle in through 2023, but what can be done to ensure $Shib adoption worldwide perpetually?”

Shibarium transactions have grown in the last three months, surpassing 125 million and presently at 125 million. The Shiba Inu Layer-2 has seen an average of 7.5 million daily transactions since December 2, with the past 24 hours reporting 7.53 million.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: Meanwhile, cryptocurrency analyst Ali Martinez also suggests that Shiba Inu is showing signs of a breakout. If SHIB maintains the critical support level at $0.0000103, Martinez believes that SHIB’s next stop could be $0.0000140.

Image via CryptoFX on Shutterstock

Price Action: At the time of writing, SHIB was trading at $0.000010, down 8% in the last 24 hours,  according to Benzinga Pro.

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