Main navigation

Shiba Inu (SHIB) Burn Rate Soars 26,000%, Will Bulls Leverage This Metric?

Tue, 05/16/2023 - 08:24
article image
Godfrey Benjamin
Shiba Inu burn rate soars more than 26,000% in new push to become massively deflationary
Shiba Inu (SHIB) Burn Rate Soars 26,000%, Will Bulls Leverage This Metric?
Cover image via

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.

Read U.TODAY on
Google News

Shiba Inu (SHIB) is seeing a slight slip in its price relative to the general market momentum today. The meme coin is trading at a spot price of $0.000008797, down by 0.87% over the past 24 hours. Per data from CoinMarketCap, the meme coin is still up in the green over the past week, during which it has inked marginal 0.40% growth.

Notably, Shiba Inu token is exhibiting defined growth in terms of its burn rate. This metric shows, according to the Shibburn tracker, the burn rate has soared as high 26,450% over the past 24 hours.

Image Source: Shibburn

With this parabolic burn rate, more than three billion SHIB tokens have now been sent to a dead wallet, complementing the losses recorded on this metric for the past few days.

The Shiba Inu burn rate is an important metric that shows how much of the token is removed from circulation, thus showcasing how the meme coin is deflationary. Deflation is a major consideration for investors, and chances are that SHIB bulls may leverage this metric to go on a defined bullish push for huge returns in the near future.

SHIB Burn Rate Jumps as Billions of Shiba Inu Burned in Past Week

Shiba Inu burn rate and price correlation

Among the digital currencies around today, Shiba Inu can be regarded as the one with the most definitive burn mechanism. Since its inception, core developers have been committed to fostering transactions that will compound the total tokens sent to the dead wallet as a means of drastically reducing the overall supply over time.

Oftentimes, the burn rate has been connected with bullish price jumps, and the consistency in the burning can be a game-changer in predicting the short-term price outlook for the meme coin. With Shibarium recording massive transactions that has the tendency of contributing to the burn rate, the future of the entire protocol and its projected price gain is bright.

article image
About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.