Shiba Inu (SHIB) is experiencing a major uptick in its burn rate as over 81 million tokens have been sent to dead wallets. Shiba Inu Shibburn Burn Tracker Facts pegs the burning rate at 4,085.94% in the last 24 hours.
Shiba Inu (SHIB) is experiencing a major uptick in its burn rate as over 81 million tokens have been sent to dead wallets. Shiba Inu Shibburn Burn Tracker Facts pegs the burning rate at 4,085.94% in the last 24 hours.
Accumulate in deflated SHIB
Each Shiba Inu sent to the burned address is designed to contribute to the overall SHIB removed from circulation. The latest Shiba Inu burned has brought the total cremated to 410,726,232,655,518 SHIB. With this, around 589,273,767,344,481 SHIB remain in circulation.
Meeting SHIB investors’ expectations regarding this incinerated token remains a volatile topic. The 81,649,878 SHIB burned are worth approximately $2,039, a valuation that is not enough to cause a significant rally in the price of the underlying token.
However, the increase in Shiba Inu burn rate helps restore optimism among community members. It also underlines the community’s confidence that when the SHIB burning portal is launched, it will deliver the expected results.
Since the SHIB army burns the tokens voluntarily, it is expected that there will be more intense deflation when the automatic burning starts.
Final goal
Shiba Inu’s ultimate goal with its burning campaign is to reduce supply to a level where price discovery can be recorded. Proponents of the Shiba Inu maintain a long-term price of one cent, a price level that is economically impossible at the current pace of supply.
While waiting for this to be achieved, the core team behind Shiba Inu, led by Shytoshi Kusama, is introducing a new utility that may boost demand. The launch of the Shibarium hard fork is an example that can drive adoption with greater protocol versatility.
At the time of writing, SHIB price rose by 0.55% in 24 hours to $0.00002498.
