Shiba Inu (SHIB) has recently experienced a significant increase in its burn rate, showing the project’s commitment to reducing its circulating supply. This burn rate surge, as reported by Shibburn, indicates a 323% increase, with 68,119,115 SHIB tokens recently sent to inactive wallets.
The current total circulating supply of SHIB is 579,894,208,190,775 tokens, and the total number of SHIB tokens sent to these inactive wallets now stands at 410,644,055,132,456 tokens.
Historically, high burn rates have been associated with positive price movements. However, SHIB’s price seems to be an exception as it currently hovers around $0.000007854, following a 1.54% decrease overnight. This suggests that nervous buyers are currently dominating the market.
While the increased burn rate is promising, it may not be enough to shield SHIB from shedding more than 13% of the gains it made in the past week.
Key Trends to Keep an Eye on for SHIB As the number of transactions involving Shiba Inu and its ecosystem tokens continues to grow, we can expect more tokens to be burned. Although the short-term impact on the burn rate might not be as significant as hoped, this metric is crucial for the protocol’s future.
To sustain and potentially increase SHIB’s value with the goal of reaching $0.01 per token, a collective effort is needed, involving both burning and a consistent rise in demand. This is where Shibarium comes into play. With plans to onboard more decentralized applications (dApps), Shibarium is expected to play a vital role in reducing SHIB’s supply by sending a portion of transaction fees to inactive wallets.
