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Highlights
- Shiba Inu burn rate has soared over 57,000% in 24 hours
- This burn rate has sent over 392 million tokens to dead wallets
- The deflationary metric has triggered uptick in price mark
Shiba Inu’s (SHIB) burn rate, a crucial growth metric, has seen more than 57,000% in the last 24 hours, indicating a major push to boost its deflationary status.
Shiba Inu Records Largest Monthly Burn Rate
According to Shibburn, the meme coin’s burn tracker, a burn rate of 57,262.74% was spotted.
This implies that 396,286,654 SHIB have been burned within 24 hours. This burn rate is one of the largest that the dog-themed altcoin has seen in the last few weeks. On April 14, Shiba Inu saw a massive surge in its burn rate metrics that contributed to solidifying its deflationary status.
The burn rate of 25,035.22% recorded at the time was tagged as the largest burn transaction that the protocol has seen in a long time. Exactly one week later the Shiba Inu ecosystem is seeing a higher burn rate, a show of the community’s commitment to the protocol’s deflationary push.
The total circulating supply of SHIB tokens is around 589.27 trillion and with the recent burn, the total burnt tokens from the supply now stands at 410.27 trillion SHIB.
As of April 20, the Shiba Inu token registered a weekly burn of 714 million coins. The 650 million SHIB burnt on April 14 contributed significantly to the spike in the weekly burn rate.
Impact of Improved SHIB Burn
It appears that the increasing SHIB burn rate is adding a glimpse of hope and optimism to the memecoin’s adoption.
The shedding of its supply is expected to drive scarcity, push demand, and bolster the market dynamics of the token. The Shiba Inu team believes that this proactive approach, which contrasts with traditional inflationary models, positions Shiba Inu as a unique player in the cryptocurrency landscape.
This hit on its supply has investors and many market experts speculating on the possible ripple effect of the price of Shiba Inu.
Price charts show that SHIB has seen a 19% increase in its price as it currently trades at $0.000027. An earlier report from Coingape shows that a positive $0.00004 price target for SHIB is around the corner. Reaching this price level would require that the coin gain more than a 100% increase.
While this seems like a daunting projection, the proposed increased demand that the token burning is expected to bring could drive the price to the $0.00004 price, it’s highest range in months.
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