Shiba Inu (SHIB) Burn Rate Skyrockets 18,000%, Price To Soar?

Shiba Inu has seen a massive surge in its burn rate metrics, solidifying its deflationary status. According to data from Shibburn, the Shiba Inu burn rate has increased by 25,035.22% within the last 24 hours.

Shiba Inu Extends Incinerated Tokens

Amidst the recent crypto bloodbath and price correction that the broader industry is facing, Shiba Inu appears to be defying the odds in this key deflationary metric. 

The Ethereum-based memecoin has gained investors’ attention, an optimistic move that is reflected in its burn rate. The meteoric rise of over 25,000% suggests investors may find a key catalyst to hang on to. 

Markedly, a total of 658,082,956 SHIB were destroyed in the past 24 hours in eleven transactions. In terms of monetary value, the burnt SHIB token amounted to $14,385, according to the current market value of the token. This brings the number of the total SHIB burnt from the initial supply to 410,725,555,674,170. 

Notably, the recently burnt SHIB is still a small percentage of the token’s total supply which was initially a quadrillion. At the same time, it is one of the largest that the protocol has seen in the last few weeks. There is a significant increase in the amount of SHIB burnt compared to other times because a whopping 650 million SHIB was sent to dead wallets in a single enormous burn. 

SHIB Slumps By 11%, Resistance Point Named

The price of the SHIB token has plunged by about 11.77% leaving it at $0.0000217. The token is probably reflecting the broad crypto market crash. 

SHIB market capitalization is also at $12.7 billion, down by 12% while its daily trading volume hit $1.9 million. The dip in the price of the dog-themed memecoin suggests that the burn rate has not had any positive impact on the token yet, a trend many in the community are hopeful will change soon. 

Shiba Inu is now struggling with holding a 51 trillion SHIB resistance range, and this lies between $0.000022 and $0.000025. Successfully reclaiming this range will position the self-acclaimed Dogecoin (DOGE) killer’s resistance in the $0.000025 to $0.000030 range. If this is not the case, that is, if it loses the range, SHIB might head to a support level of $0.000019 to $0.000022.