Shiba Inu (SHIB) continues to have the lowest traffic burn rate when checking overall network health. At the time of writing, Shibbern’s data shows that the combustion rate is negative, decreasing by 88.65% in 24 hours. With less than a million SHIB sent to dead wallets, at this rate this is the lowest burn rate decline in several weeks.
SHIB is lit, down to bounce
According to Shibbern, exactly 606,465 SHIB were transferred to dead wallets, taking them out of circulation. Only one wallet, “0x56f…80b5”, was involved in the burn, recorded approximately 12 hours after writing.
This burn rate brings the total number of Shiba Inus burned to date to 410,742,905,471,145 SHIB. The tokens in circulation are pegged at 584,163,863,061,304 SHIB, which shows how far the meme coin protocol has to go to reduce supply.
After burning 5,441,220 SHIB on December 29 at a growth rate of 972%, falling to a new multi-week low is not entirely a bad sign for the Shiba Inu. From here, the token can reset to print a huge burn number, which can affect its price.
At the end of the year, the Shiba Inu deflationary indicator will be an important test of the protocol’s performance.
Checking prices for Shiba Inu
The correlation between the Shiba Inu’s burn rate and price showed up again, with the token down 2.66% in 24 hours to $0.00002172. Over the past month, the Shiba Inu has seen a drawdown of 19.65%, highlighting broader tensions in the market.
However, there are signs that the token could begin to recover less than 48 hours before the end of the year. Any recovery could see SHIB return to the $0.000025 price level in the near future.
