- Shiba Inu burn rate just skyrocketed by 18,000%.
- With over 658 million SHIB taken away from circulation, the price of the token has seen a visible uptick.
Shiba Inu (SHIB) has emerged as a beacon of resilience in the meme coin ecosystem, with its burn rate skyrocketing by 18,000%. With this outstanding increase, SHIB appears to be defying the odds despite recent market volatility in the crypto ecosystem.
SHIB’s Burn Rate Metrics
According to data from Shibburn, the Shiba Inu burn rate increased by 18,035.22% within 24 hours. This rise in burn rate metrics captured the attention of investors, indicating renewed enthusiasm for the Ethereum-based memecoin.
658,082,956 SHIB were burnt in eleven transactions within the past day alone, as revealed in the data. When translating this into monetary terms, the burnt SHIB tokens amounted to approximately $14,385, based on the current market valuation of the token.Â
The total number of SHIB burnt now stands at 410,725,555,674,170 leaving a total circulating supply of 582,800,631,652,881 tokens. While this recent burn represents only a fraction of the total token supply, it is one of the largest burns witnessed by the SHIB ecosystem in recent weeks. The recent token burn not only emphasizes SHIB’s deflationary nature but also the community’s commitment to reducing token supply with a unanimous effort.
To provide context, when SHIB tokens are burned, they are sent to a wallet address and become inaccessible. These burned tokens are effectively removed from circulation, lowering the overall amount of SHIB available for trading. By doing this, the burn rate aims to create scarcity, increase value, and influence various aspects of the project.Â
Impact of SHIB’s Burn on its Price
After a recent dip, SHIB’s price appears to be rebounding and showing signs of recovery. Within the last 24 hours, the price of SHIB has seen increases of 5.9%, raising its value to $0.00002352. Additionally, SHIB’s market capitalization rose by 6.35% to $13.9 billion.Â
The rise in the price of the meme coin can be attributed to the reduced circulation caused by the recent token burn. The token’s deflationary mechanism enhanced by scarcity has increased its long-term value proposition, thus influencing its price.
This increase in SHIB’s price does not surprise the crypto community as this is not the first time the meme coin is seeing an increase in its price following a token burn. As previously reported by Crypto News Flash, SHIB surged 7.87% after the ecosystem announced that it collected 40 ETH for a potential burn recently.
Meanwhile, the SHIB ecosystem is undergoing a major expansion. In a recent update, top DNS name provider D3 Global added Shiba Inu and BONE to its list of available payment methods on Shibarium. Per Crypto News Flash’s earlier announcement, users can now pay using Shiba Inu and BONE directly from their Shibarium addresses, avoiding the need to bridge the tokens back to Ethereum.
