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Shiba Inu (SHIB) has continued to witness a minimal burn rate as overall network health is checked. At writing time, data from Shibburn shows the burn rate as negative, specifically down by 88.65% over 24 hours. With less than a million SHIB sent to dead wallets, at this rate, it marks the lowest level the burn rate has dropped in weeks.
SHIB burn, down to bounce
Per the Shibburn data, precisely 606,465 SHIB were moved to dead wallets, taking them from circulation. Only one wallet, "0x56f…80b5," featured in the burn, recorded about 12 hours from the time of writing.
Arman ShirinyanThis burn rate has now taken the total Shiba Inu burnt thus far to 410,742,905,471,145 SHIB. The circulating tokens are pegged at 584,163,863,061,304 SHIB, showing how far the meme coin protocol needs to go to lower the supply.
After burning 5,441,220 SHIB on Dec. 29 atop a 972% growth rate, falling to a new multi-week low is not an entirely bad sign for Shiba Inu. From here, the token can reboot to print a massive burn figure that might reflect in its price.
With the year ending, the Shiba Inu deflationary metric marks one major health check for the protocol’s growth.
Shiba Inu price check
The correlation between Shiba Inu burn rate and price played out once again as the token is down 2.66% in 24 hours to $0.00002172. Shiba Inu has faced up to a 19.65% drawdown over the past month, underscoring the broader strain on the market.
Gamza KhanzadaevHowever, there are signs the token may chart a rebound with less than 48 hours to the end of the year. Any inbound recovery might see SHIB reclaiming the $0.000025 price level in the near term.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Alex Dovbnya
Vladislav Sopov
Dan Burgin