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Shiba Inu (SHIB) has set itself on a major bullish path today after its most consistently bullish metric, the burn rate soared by 499,363% overnight. With this rare jump in burn rate, the protocol has now sent as many as 264,176,152 SHIB tokens to dead wallets, removing them from circulation completely.
Yuri MolchanThe burn rate showed an impressive leap, setting the token up for a possible rally this new week. The massive rate of growth in the amount of SHIB removed from circulation connotes many things, including how committed the community is to the deflationary agenda of the Shiba Inu meme coin project.
Based on the data from Shibburn, one wallet, "0xa9d...3e43," contributed the bulk of the SHIB set ablaze, with over 261,408,966 tokens burnt a few minutes before writing. Other wallets added to the overall amount burnt, proof that the burning affair is a collective community effort irrespective of the amount contributed.
At the moment, a total of 410,645,512,440,327 have been burned, leaving the amount of SHIB remaining in circulation at 580,438,994,695,675 units.
Shiba Inu (SHIB) burn: implications for price
There is a correlation between the Shiba Inu burn rate and the potential impact of plausible price growth. The digital currency is changing hands at a price of $0.000008384, nosediving by 2.20% at the time of writing.
Tomiwabold OlajideThis price outlook has been suppressed by a slowed trading volume; however, the burn rate might shift sentiment moving forward to help SHIB regain its momentum. With the burn rate stirring a shrunken supply, an uptick in volume or demand for the meme coin is what is needed to flip the price in the near term.
Shiba Inu has maintained relatively fair resilience thus far this month, and this latest burn rate might help it hit one of its most positive months this year.
Alex Dovbnya
Vladislav Sopov
Dan Burgin