Shiba Inu Burn Rate Explodes 140,000% As SHIB Price Bounces

TL;DR

Shiba Inu’s burn rate increased by nearly 140,000% in the last 24 hours, with more than 105 million tokens burned, contributing to a significant reduction in the circulating supply. In addition to the recording rate, other SHIB metrics such as high transaction volumes and daily active addresses have also increased, indicating growing interest and engagement. The cream goes through the roof

Shiba Inu’s combustion mechanism witnessed a substantial resurgence in the last 24 hours. The data shows that the burn rate skyrocketed by nearly 140,000%, resulting in approximately 105 million tokens sent to a null address. The number sounds pretty impressive, considering the fact that SHIB burned in the last seven days equates to 114.7 million tokens.

Although the USD equivalent of destroyed storage is insignificant, continued efforts in this area can have a positive effect on the price of the meme coin. The ultimate goal of the program is to reduce the huge circulating supply of SHIB, making it scarcer and potentially more valuable over time (if demand remains or increases).

The Shiba Inu team has already burned through more than 41% of the total supply, or around 410.7 trillion tokens, leaving the current circulating supply around 583 trillion SHIB.

Meanwhile, the price of the meme coin is well in the green, rising 6% on a daily basis. It is currently trading around $0.00001411, which means a 30% increase compared to the local fund seen during the crypto market crash on Monday (August 5).

SHIB Price, Source: CoinGecko

It will be interesting to see if the rise continues in the coming days, considering the revival of the meme coin niche and the upswing of the entire crypto sector seen in the last few days.

At the moment, roughly 47% of SHIB investors are sitting on some paper profits, while more than 50% are underwater. During the bull run in mid-March, those in the green were around 63%.

Other SHIB metrics on the rise

The burn rate isn’t the only Shiba Inu-related indicator heading north in the last 24 hours.

Data from IntoTheBlock shows that aggregate daily volume, where each transaction exceeds $100,000, has soared 52% to over $20 million. SHIB’s daily active addresses have also increased, albeit more modestly.

This resurgence often suggests growing interest and increased user engagement and network activity, which in turn could contribute to positive price momentum.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!