Shiba Inu is witnessing a remarkable surge in its burn rate, with over 81 million tokens being sent to dead wallets. The burn rate, as reported by Shiba Inu burn tracker Shibburn, has reached an astonishing 4,085.94% in the past 24 hours.
Each Shiba Inu token sent to the burn address contributes to reducing the overall circulating supply. The recent burn has now totaled 410,726,232,655,518 SHIB, leaving approximately 589,273,767,344,481 SHIB in circulation.
Though the burning of 81,649,878 SHIB is worth around $2,039, it is not substantial enough to trigger a significant price increase for the token. However, the surge in the burn rate restores the optimism of the community and strengthens their belief that launching the SHIB burn portal will generate the desired outcomes.
As the SHIB army willingly burns their tokens, it is expected that automatic burning will lead to even more substantial deflation in the future.
The primary objective of Shiba Inu’s burn campaign is to reduce the supply to a level where price discovery becomes possible. The community envisions a long-term price target of one cent, although achieving this goal seems economically implausible given the current supply rate.
In the meantime, the core Shiba Inu team, led by Shytoshi Kusama, is introducing new utilities to drive demand. The upcoming Shibarium hard fork, for instance, is expected to enhance protocol versatility and promote adoption.
As of now, the price of SHIB has experienced a 0.55% increase in the past 24 hours, reaching $0.00002498.