Data recently shared by the Shibburn tracking platform that picks data from Etherscan has revealed that a massive SHIB burn rate increase has taken place overnight. This metric has demonstrated three-digit growth just a few steps away from a four-digit one.

This has aligned with the remarkable reverse of the cryptocurrency market that drove it back into the green zone.

SHIB burns up 984%, but here's catch

The aforementioned data source published a tweet, showing an immense 984.58% increase in the SHIB burn metric that has taken place over the past 24 hours. That rise was achieved thanks to the community removing a total of 16,943,184 SHIB from the circulating supply into unspendable wallets.

The Shibburn website that publishes lists of burn transactions shows that there have been eight burn transfers so far. The biggest transactions moved 9,999,999 SHIB, 4,370,629 SHIB and 1,279,360 SHIB out of circulation. These transfers were performed by three different anonymous wallets.

However, the weekly SHIB burns have shown negative dynamics. Over the past seven days, the burn rate has plunged by 57.6% despite 79,504,387 SHIB removed from the market circulation.

SHIB to $1 — "not impossible": ChatGPT

SHIB team’s marketing lead who goes by the pseudonym Lucie has published a tweet about SHIB potentially soaring to $1 in the future. The SHIB executive stated that she has often thought only about the meme coin’s potential surge to $0.01.

But she made an experiment with ChatGPT and was pleasantly surprised at the answer she got that SHIB reaching $1 is “not impossible.” However, the AI chatbot said that it would take a “perfect storm” to propel the meme coin to that all-time high.

According to ChatGPT, the following drivers may help push the second-largest meme coin to the $1 price record: Shibarium adoption scaling (this would mean more transactions and, therefore, bigger SHIB burns), SHIB being leveraged in everyday apps (such as payments, games and identity), massive utility from BONE and TREAT tokens, a successful crypto market wave (like 10x market growth) and consistent burns that would remove trillions of SHIB over time.

Currently, Shiba Inu is trading at $0.00001233 after displaying a 6.2% price increase over the last 24 hours as the crypto market has begun to recover after the recent plunge.