Shiba Inu (SHIB) has seen a much-needed recovery in its burn rate as market recovery becomes the top pursuit. By According to data from Shibburn.com, SHIB’s burn rate increased as much as 459% in the last 24 hours before settling at 148.49% at the time of writing. With this data, a total of 115,798,671 SHIB have been sent to dead wallets, removed from circulation forever.
Shiba Inu (SHIB) has seen a much-needed recovery in its burn rate as market recovery becomes the top pursuit. By According to data from Shibburn.com, SHIB’s burn rate increased as much as 459% in the last 24 hours before settling at 148.49% at the time of writing. With this data, a total of 115,798,671 SHIB have been sent to dead wallets, removed from circulation forever.
Burning SHIB is essential for their survival. Despite its largely manual model, many ecosystem partners have contributed greatly to the burning of SHIB, a feat fake enough to bring the total amount of tokens burned to 410,690,388,099,493 SHIB. At the current SHIB market value, these burned tokens are worth $3,592,719.5.
In contrast, the total number of Shiba Inu tokens left in circulation is 581,247,322,128,423 SHIB worth $5,084,751,573.98. Many addresses are helping to push the total numbers of SHIB burned to a record level and to improve the efficiency of this process, a burning portal is planned for Shibarium, the meme coin’s layer 2 scaling solution.
What happens after the price?
With the Shiba Inu burn rate now leaning towards a full recovery, the potential impact on price growth remains highly speculative. In recent times, Shiba Inu has bowed to the bears and currently, the price has fell 4.46% in the last 24 hours to $0.000008741, bringing its seven-day losses to 10.22%.
Shiba Inu has been pushing for a recovery, having lost a zero in its price in recent times. While the increase in the SHIB burn rate is a notable boost, steeper growth could be necessary to cause a significant increase in the meme coin’s price.
Meanwhile, Shiba Inu could hold on to the positive deflationary sentiment to avoid further price declines in the future.
