Shiba Inu (SHIB) has rapidly improved its burn rate feature, which has shot up as much as 1,628% in the last 24 hours. according to Shibburn data.
Shiba Inu (SHIB) has rapidly improved its burn rate feature, which has shot up as much as 1,628% in the last 24 hours. according to Shibburn data.
Shiba Inu changing gears
This current breakthrough in Shiba Inu is a testament to the protocol’s resilience to beat all odds. The meme coin project opened the week with a significantly lower burn rate, a metric that then improved towards the end of the business day.
With the current resurgence of the burn rate, Shiba Inu sent a total of 88,755,998 SHIB to dead wallets, expanding the total of SHIB withdrawn from circulation. There were at least three major contributors to the latest jump in SHIB burning, with the largest chunk burned sponsored by the “0xcf6…fdeaa” wallet through which a total of 52,392,528 were taken out of circulation.
The wallet with the address tag 0x74d…f9a1 helped take more than 34 million SHIB out of circulation, while 2,096,631 were burned through the address 0xc664…50ae.
With the figures shown, the total Shiba Inu burned so far amounts to 410,690,167,721,176 SHIB. This leaves the current tokens in circulation at 581,127,781,873,309 SHIB.
With the Shiba Inu team stepping up its efforts to burn SHIB, the question remains whether this will translate into a significant price increase in the long term.
Potential price impact
Despite the expected correlation between the Shiba Inu burn rate and the price of SHIB, the latest increases in burning tokens have not translated into a corresponding jump in the token’s valuation.
This is a worrying trend as Shiba Inu desperately needs to gather all possible metrics to reset its current bearish price outlook. At the time of writing, Shiba Inu was changing hands at $0.000009618. below 0.89% in the last 24 hours.
When SHIB’s price burn is factored in, it could contribute to the momentum to regain another zero for its price.
