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Shiba Inu (SHIB) Burn Rate Sees Mega Boost, Soars 7,686,774.46%

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Tue, 5/12/2023 - 9:03
Shiba Inu (SHIB) Burn Rate Sees Mega Boost, Soars 7,686,774.46%
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Shiba Inu (SHIB) has outdone itself again concerning its burn rate metrics as it has jumped by 7,686,774.46%, sending over 8,349,329,301 SHIB to dead wallets. This burn rate figure is an unprecedented boost that shows a changing paradigm in the protocol’s deflationary metrics and on-chain outlook.

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With more than 8.3 billion SHIB burnt, more wallets were responsible for contributing this sum. The wallet marked "0xc7d0445.." contributed the largest number of burnt tokens, with 8,241,856,589 incinerated on their end.

SHIB Burn Rate Chart. Source: Shibburn

The implication of this burn rate is enormous for the Shiba Inu ecosystem. The burnt SHIB tokens crossed over from the million range into billions in a single day, a dramatic shift miming the massive transaction boost the Shiba Inu ecosystem has been recording lately. As reported earlier by U.Today, Shibarium crossed the 27 million transaction benchmark in a dramatic shift that signifies massive rejuvenation for the protocol.

With the latest burn rate figure, SHIB now has a total of 410,654,124,701,096 tokens taken out of circulation through condemnation into dead wallet addresses.

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Shiba Inu price outlook

The dramatic shift in the burn rate is not currently impacting the price of Shiba Inu as the meme coin is experiencing a bearish correction after soaring as high as 6% in the previous trading session. At the time of writing, however, its price has dropped to $0.000009095, down 1.35% overnight.

The lack of correlation between the SHIB burn rate and the price is not uncommon, however, the decoupling is not expected to continue for much longer. Once the SHIB whales begin to price in the current deflationary stats, the impetus to renew their buying momentum might emerge and, as such, extend the impressive push with which it started the week.

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