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Highlights
- Shiba Inu burn rate continues dealing a notable blow to the circulating supply.
- Roughly 20 million tokens were killed in just a day, aiming to bolster the coin's price.
- SHIB price was down nearly 3% despite the burn rate surge.
The Shiba Inu burn rate once again shot up by a staggering 2000% on Tuesday, reverberating market optimism surrounding its future price movements. Recent burn metrics revealed that over 20 million SHIB tokens were removed from the asset’s circulating supply in just a day. Now, crypto market traders and investors speculate if price gains loom, whilst a renowned SHIB community member further revealed that a “new pump wave is loading.”
Shiba Inu Burn Rate Soars 2000% As 20M Tokens Burnt
According to Shibburn’s data on April 15, the Shiba Inu burn rate exploded by 2061.22% at the time of reporting. This surge in the meme token’s burn rate is in sync with 20.83 million coins removed from the asset’s supply intraday.
For context, the SHIB burn mechanism transfers tokens to a null address and makes their recovery impossible. This saga drastically reduces the dog-themed meme coin‘s circulating supply, a reason that many believe is driving SHIB’s relatively sluggish performance over the years.
Besides, a renowned Wall Street expert going by the name “wallstreetbets” on X has stated that “Despite burns, SHIB supply remains unchanged.” This statement has ushered an apprehensive sentiment among market participants who are anticipating price gains ahead in light of the constant burns. Intriguingly, CoinGape found that the total circulating supply rested at 584.37 trillion tokens at the time of reporting.
Can SHIB Price Pump Ahead?
CoinMarketCap’s data showed that SHIB token’s price rested at $0.00001193, down nearly 3% over the day despite the Shiba Inu burn rate surge. The meme coin fell from an intraday high of $0.00001239, even hitting a bottom of $0.00001182. Crypto market participants are currently uncertain about the coin’s future price movements, given broader market trends and a volatile price trajectory.
Nevertheless, renowned Shiba Inu community member SHIB Knight posted on X that a “new pump wave is loading.” Notably, a sustained break above $0.00001238 paves the way for a bull run, per the community member. Traders and investors continue to monitor the coin for further price action shifts ahead.
Meanwhile, a recent Shiba Inu price analysis by CoinGape revealed that the number of daily active addresses on the network declined substantially. This data, underscoring declining network activity, may bring some turbulence in price ahead.
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