- Shiba Inu (SHIB) has experienced a remarkable 1,628% surge in its burn rate within the past 24 hours, incinerating 88 million tokens and pushing a total of 410,690,167,721,176 SHIB out of circulation.
- Despite these efforts, concerns arise as recent increases in burn rates have not translated into a corresponding rise in SHIB’s value, leaving the community wondering about the potential impact on the cryptocurrency’s overall price performance.
Shiba Inu (SHIB) has experienced a remarkable surge in its burn rate, witnessing a staggering 1,628% increase in the past 24 hours, as revealed by data from Shibburn.
Shifting Gears: A Testament to Resilience
This sudden spike in Shiba Inu’s burn rate stands as a testament to the protocol’s resilience in overcoming challenges. At the beginning of the week, the meme coin project faced a notably reduced burn rate, but the metric witnessed a remarkable improvement towards the end of the workday.
The recent resurgence in burn rate resulted in Shiba Inu sending a total of 88,755,998 SHIB to dead wallets, effectively expanding the total SHIB taken out of circulation. Notably, three significant contributors fueled this surge in SHIB incineration.
The wallet “0xcf6…fdeaa” spearheaded the movement by burning a substantial 52,392,528 SHIB, while the wallet with address tag 0x74d…f9a1 contributed by removing more than 34 million SHIB from circulation. Additionally, 2,096,631 SHIB were burnt through the address 0xc664…50ae. With these contributions, the total burnt Shiba Inu now stands at 410,690,167,721,176 SHIB, leaving 581,127,781,873,309 SHIB in circulation.
Potential Impact on Price: Decoding the Trends
Despite the anticipated correlation between the Shiba Inu burn rate and SHIB’s price, recent increases in incinerated tokens have not translated into a corresponding surge in the token’s valuation. This trend raises concerns, especially considering Shiba Inu’s urgent need to boost its current bearish price outlook.
As of the latest update, Shiba Inu is trading at $0.000009618, marking a 0.89% decline in the past 24 hours. The burning of SHIB tokens may play a crucial role in reclaiming another zero for its price, but the question looms: will intensified burn efforts by the Shiba Inu team translate into a significant uptick in the token’s value in the long run?
In a crypto landscape marked by volatility, the Shiba Inu community eagerly awaits to see how this surge in burn rate will influence the meme coin’s journey, hoping for a positive impact on its price performance.