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Data shared by the Shibburn tracker reveals that the $SHIB burn index has demonstrated a three-digit surge after several consecutive days of being in the red. This burn jump took place after a top executive of the Shiba Inu team stated on X that a major price breakout of $SHIB might be coming soon.
Still, despite substantial growth, the amount of meme coins torched this time is far from impressive.
$SHIB burns soar 250% overnight
The above-mentioned data source spread the word that, over the past 24 hours, the community has seen the daily $SHIB burn rate jump by 249.37%. However, the amount of burned coins this time is less than even half a million and constitutes 432,211 $SHIB in total.
The last time any substantial burns have taken place was three days ago, according to Shibburn, and it comprised 2,943,898 $SHIB coins.
$SHIB price might be on verge of breakout
Earlier this week, pseudonymous crypto analyst “$SHIB KNIGHT” shared a chart on X, which shows that Shiba Inu has broken out of a Falling Wedge reverse pattern and began to rise. The analyst named a possible target of this breakout, saying that the meme coin could burn one zero and reach $0.00001200.
The official marketing lead of the $SHIB team, known on X and other social media platforms as Lucie, commented on that post, saying that she loves that prediction and supports it. Currently, the second-largest meme cryptocurrency is changing hands at $0.00000871 after reaching $0.00000912 on Tuesday and then suddenly going back down.