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Highlights
- Shiba Inu burn rate destroyed over 300M tokens this week.
- SHIB price mirrors a relatively sluggish performance despite the massive burn.
- However, the meme coin's soaring futures OI hints at strong market demand for the asset.
The latest Shiba Inu burn rate statistics have ignited a tidal wave of optimism as over 300 million coins were burnt over the past week. Data from the meme coin’s burn tracker revealed that 327,103,078 SHIB tokens were taken out of the supply in the past seven days, sparking a 300% surge in the weekly burn.
Shiba Inu Burn Rate Spikes 300% As 327,103,078 Tokens Burnt Weekly
An X post by Shibburn on Friday, May 2, revealed that the Shiba Inu burn rate has surged 300% weekly, given 327.10 million coins were transferred to a null address. Burn transactions recorded over the past week suggested that an unknown wallet address was primarily responsible for sparking this upsurge.
As per the data, the unknown address ‘0x60812…’ burnt 263.70 million tokens just two days ago. CoinGape reported the same day this burn occured that SHIB burn rate surged over 3000% intraday.
The fallout? Circulating supply for the meme coin shredded and totalled 584.42 trillion at the time of reporting. The total number of coins burnt to date was evaluated as 410.73 trillion tokens. In turn, usual market sentiments orbiting Shiba Inu’s long-term prospects have taken a bullish tilt. Historical data reveals that although the short-term impact on price remains negligible, long-term movements could leverage a supply crunch.
SHIB Price Today
SHIB price chart shows a waning action today, down nearly 1% to $0.00001347. Besides, even the weekly price chart shows a 4% dip despite the massive SHIB burn rate surge recorded over the past seven days.
Crypto market traders are now left scratching their heads as price metrics have shown a contrary movement. However, the monthly chart shows a 9% upswing in value, keeping investors hopeful.
Even Coinglass data added to this hope, underscoring strong market interest in the asset. The meme coin’s futures open interest rested at $181.82 million, up from $96 million as of April beginning. Moreover, even the derivatives market volume surged 13% today, reaching $132 million.
When coupled with the recent Shiba Inu burn rate surge, these metrics fuel sentiments of a bullish breakout looming for the token.
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