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SHIB Burn Rate Spikes 1,720% After Shiba Inu Price Cools Down

Mon, 10/31/2022 - 09:28
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Gamza Khanzadaev
Shiba Inu burning shows multi-directional performance during SHIB's wild price rise
SHIB Burn Rate Spikes 1,720% After Shiba Inu Price Cools Down
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The recent rise in SHIB quotations has triggered changes to the cryptocurrency's burn rate numbers. One of the most interesting was SHIB's burn rate reaching 1,720% today, after the coin's quotes cooled slightly.

According to CryptEye data, such a high figure resulted in the burning of 44 million SHIBs in a single day, representing 41.9% of all tokens burned in the last seven days. Yet despite the three-digit burn rate and the six-digit number of SHIBs sent to "dead" addresses, their equivalent value does not exceed $525.

Fall in SHIB burning process

It is also worth noting that a few days before the SHIB price rallied, when its value increased by half in two days, token burning made a leap in favor of an increase. Thus, from Oct. 23 to 27, the number of SHIB burned increased by 16.9%.

SHIB Burning Extremely Different Since Start of Fall: Details

At the same time, globally, the number of SHIBs being burned has reached a plateau since the beginning of autumn. As reported by U.Today, Shiba Inu token burning has fallen by 60.6% since September. This trend is continuing and, judging from the one-year graph, is a normal state of affairs. Against this background, the period from mid-July to the end of August seems abnormal. The Shiba Inu total supply was then reduced by 7 billion SHIB at a time.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.