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.
Shiba Inu (SHIB) has seen a much-needed recovery in its burn rate as market recovery becomes the most important pursuit. Per data from Shibburn.com, the SHIB burn rate jumped as high as 459% in the past 24 hours before settling in at 148.49% at the time of writing. With this data, a total of 115,798,671 SHIB have now been sent to dead wallets, taken out of circulation forever.
The burning of SHIB is pivotal to its survival. Despite its largely manual model, many ecosystem partners have contributed immensely to the burning of SHIB, a feat bogus enough to drive the total quantity of burnt tokens to 410,690,388,099,493 SHIB. In today’s SHIB market value, these burnt tokens are worth $3,592,719.5.
Conversely, the total number of Shiba Inu tokens left in circulation comes in at 581,247,322,128,423 SHIB worth $5,084,751,573.98. Many addresses are helping to drive the total burnt SHIB figures to a record high, and to enhance the efficiency of this process, a burn portal is planned for Shibarium, the meme coin’s layer-2 scaling solution.
What happens next to price?
With Shiba Inu’s burn rate now tilting toward full-blown recovery, the potential impact on price growth remains highly speculative. In recent times, Shiba Inu has bowed to the bears, and currently, the price has fallen by 4.46% in the past 24 hours to $0.000008741, bringing its seven-day losses to 10.22%.
Shiba Inu has been pressing for a rebound, having lost one zero in its price in recent times. While the uptick in the SHIB burn rate is a noteworthy boost, steeper growth might be required to stir any significant upsurge in the price of the meme coin.
In the meantime, Shiba Inu might hang onto the positive deflationary sentiment to prevent further price slips moving forward.
Tomiwabold Olajide
Mushumir Butt
