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Shiba Inu (SHIB) is starting the week on a positive note, as its deflationary metric, the burn rate, just skyrocketed to a new record high. According to Shibburn data, the burn rate increased by over 283%, with a total of 55,399,172 SHIB tokens sent to dead wallets overnight.
According to a review of Shibburn data, there are more wallets involved in burning these SHIB tokens than before. Small chunks of tokens are now being burned, rather than a lump sum, showing that Shiba Inu’s deflationary tendencies are becoming more decentralized.
With the consistency recorded in the burn rate so far, the total SHIB tokens sent to dead wallets has far exceeded 410.6 billion, a figure that is gradually keeping pace with the circulating supply of over 579 billion tokens SHIB.
The Shiba Inu burn metric comes at a time when the broader digital currency ecosystem is experiencing a bullish recovery from the lows recorded in recent weeks. The positive burn rate may serve as an impetus for SHIB investors to go all out for the token in hopes that it will help fuel a rally.
Potential price impact
When it comes to the Shiba Inu token, there are many fundamentals that help drive growth within its ecosystem. After a period of prolonged negative decline, the combination of all these bullish triggers is necessary to not only help SHIB maintain its current support but also break new resistance.
The token is up 1.3% to $0.000007119 at the time of writing, according to data from CoinMarketCap. At this rate, it is on track to first reduce its weekly losses and then retest the resistance point at $0.0000075 in the short and long term.
