Shiba Inu, the popular meme coin, has witnessed a remarkable surge in its burn rate, skyrocketing by a staggering 18,000%. This impressive increase defies the recent market volatility in the crypto ecosystem and showcases SHIB’s resilience within the meme coin space.
According to data from Shibburn, the burn rate of Shiba Inu experienced a massive surge of 18,035.22% in just 24 hours. This significant rise in burn rate has caught the attention of investors, indicating a renewed enthusiasm for this Ethereum-based memecoin.
In the past day alone, a total of 658,082,956 SHIB tokens were burned in eleven separate transactions, as revealed by the data. Based on the current market valuation, these burnt tokens amount to approximately $14,385 in monetary terms.
With this recent burn, the total number of SHIB tokens burnt now stands at 410,725,555,674,170, leaving a circulating supply of 582,800,631,652,881 tokens. Although this burn represents only a fraction of the total token supply, it is one of the largest burns witnessed by the SHIB ecosystem in recent weeks. This token burn not only highlights SHIB’s deflationary nature but also demonstrates the community’s commitment to reducing the token supply through a collective effort.
When SHIB tokens are burned, they are sent to a wallet address and become inaccessible, effectively removing them from circulation and reducing the overall amount available for trading. This burn rate aims to create scarcity, increase value, and impact various aspects of the project.
The burn rate has had a positive impact on the price of SHIB, which is currently rebounding and showing signs of recovery. In the past 24 hours, the price of SHIB has experienced a 5.9% increase, raising its value to $0.00002352. Additionally, SHIB’s market capitalization has risen by 6.35% to reach $13.9 billion.
The rise in price can be attributed to the reduced circulation resulting from the recent token burn. The token’s deflationary mechanism, combined with its scarcity, has enhanced its long-term value proposition, thereby influencing its price positively.
This increase in price is not surprising to the crypto community, as SHIB has previously experienced price surges following token burns. In fact, SHIB saw a 7.87% surge after the ecosystem announced the collection of 40 ETH for a potential burn, as reported by Crypto News Flash.
Furthermore, the SHIB ecosystem is expanding significantly. D3 Global, a top DNS name provider, has recently added Shiba Inu and BONE as available payment methods on Shibarium. This development allows users to directly pay using Shiba Inu and BONE from their Shibarium addresses, eliminating the need to bridge the tokens back to Ethereum, as announced by Crypto News Flash.