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Shiba Inu (SHIB) Burn Rate at 101%, Something Big Coming

Wed, 26/06/2024 – 9:52

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Shiba Inu (SHIB) is making a play for a sustained recovery, considering the mild uptick in its core deflationary feature, the burn rate. At the time of writing, the burn rate is up 101%, according to data from Shibburn, placing the total burnt in 24 hours at 19,603,797 SHIB.

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Shiba Inu wants to make difference

While different altcoins are all pulling strings in their respective ecosystems, Shiba Inu hopes to make a really big difference. The meme coin has managed to maintain its posture as the 12th largest cryptocurrency after being dethroned by Toncoin; however, it plans to reclaim a spot in the top 10.

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After a week of intensive price drawdowns, this uptick in the burn rate is a major way to start working toward the top 10. With the 101% surge in this metric, it is evident that there are more community members interested in deflating Shiba Inu despite bearish market sentiment.

With current figures, the total SHIB now sent to burn addresses now tops 410,727,062,984,335 tokens, with a monetary value of $7.26 billion. 

Shiba Inu Burn Chart. Source: Shibburn

The total number of Shiba Inu remaining in circulation is now worth 583,318,233,745,151 SHIB after discounting meme coins locked in staking smart contracts, bringing the sum to 5,954,703,270,513 SHIB.

Implications for price

Based on precedent, the 19 million SHIB burnt overnight is too small to influence price uptick. However, it adds to the growing statistics of bullish metrics around Shiba Inu. It is also coming at a time when the price of the meme coin is wriggling out of the bearish zone.

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At the time of writing, SHIB was changing hands for $0.00001763, up by more than 2.6% in the past 24 hours. At this pace, both the SHIB burn rate and steady Shiba Inu ecosystem growth might help make a difference in the near term.

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