Shiba Inu (SHIB) Sets Fire to 110 Million Tokens as Burn Rate Skyrockets 2,355%
Shiba Inu (SHIB) has been facing a series of downtrends across various metrics since the beginning of April and the start of the new quarter. However, Shibburn.com data reveals that the burn rate of the meme coin has experienced a substantial recovery, surging by a staggering 2,355.86% in the past 24 hours. This surge has resulted in a total of 110,474,927 SHIB tokens being sent to dead wallets.
Shiba Inu has always relied on the burn rate metric to reignite interest in the digital currency. The current Shibburn data showcases a strong commitment to deflationary measures from members of the ShibArmy, as numerous wallets have contributed to sending SHIB tokens to the dead wallet.
Among the notable transactions in this recent burn schedule is the movement of 105,469,546 SHIB tokens by a wallet address labeled “0x7d0c…b521f.” Additionally, transactions like 3,370,930 SHIB sent from “0xdfff9e…cca3b” and 1,306,865 SHIB from “0x420801…c6836d” also contribute to the overall figures.
With the recent burning of 110 million SHIB tokens, the total number of destroyed Shiba Inu tokens now stands at an impressive 410,724,538,934,667 units, while the circulating supply remains at 589,275,461,065,332 SHIB.
Rebooting Shiba Inu price
With this surge in burn rate, the general expectation is for the price of SHIB to bounce back to positive territory. As of the time of writing, data from crypto analytics platform CoinMarketCap indicates that the price of SHIB stands at $0.000027, representing a 5.95% decrease in the past 24 hours.
Over the past month, SHIB has reached a notable high of $0.00004534, following a low of $0.00001987. With the revival in sentiment due to the burn rate metrics and the impact of SHIB whales, the price of this meme coin may strive to reach its all-time high (ATH) in the long run, aiming for its best days once again.