Shiba Inu has just recorded one of its strongest burn activity periods in recent weeks, as multi-million SHIB tokens get destroyed and removed from circulation within 24 hours.
With a total of 12.76 million SHIB permanently removed from circulation over the last 24 hours, the Shiba Inu burn rate has surged by 677.42% over the period, according to data from Shibburn.
Shiba Inu supply shrinks but price still down
Shiba Inu's latest burn activity seen in the last day signals intensifying network strength for SHIB, which has also caused its circulating supply to reduce by over 12 million SHIB.
This is positive for SHIB's next price move as the mechanism typically drives scarcity for SHIB, potentially positioning it for a price upsurge if demand begins to rise.
While the total SHIB burnt over the last day is worth about $60 per SHIB's price at the time of the burn, the sudden surge in the metric has sparked discussion among traders and analysts who closely keep tabs on such activity to predict the asset's next price move.
Shiba Inu drops to $0.000004720
Although the large Shiba Inu burn activity has flashed a bullish signal for the SHIB ecosystem, it is yet to impact the asset's price movement as SHIB is still trading in the red.
Nonetheless, the sudden increase in SHIB burn activity arrives at a time when SHIB itself has remained under pressure amid prolonged market volatility.
At the time of writing, Shiba Inu is trading around $0.000004720, down over 2% over the past day, as on-chain movements remain extremely weak except for its regular burn mechanism.
Nonetheless, analysts remain optimistic about a potential recovery in the price of SHIB, as its strong network activity suggests that the downside pressure may be easing.
U.Today Editorial Team
Dan Burgin
