Shiba Inu (SHIB) Burn Rate Soars 567%, Here's How Price Reacts

Shiba Inu (SHIB) is on a parabolic run with respect to its burn rate metric as millions of SHIB got incinerated and sent to dead wallets. Per data from Shibburn, 121,210,538 SHIB tokens were burnt overnight, accounting for a massive 567% jump from previous levels.

With these newly burnt SHIB tokens, the total number of SHIB burnt thus far is now pegged at 410,643,987,410,621 SHIB. Of this figure, a total of 579,861,188,397,103 SHIB remain in circulation. With the gradual reduction in supply, the tendency for impressive price jumps is high, signaling a positive connotation for the burn rate metric in the evolution of the meme coin.

This impressive deflationary growth rate also comes when the price of Shiba Inu is on a parabolic run in tandem with the broader market. At the time of writing, Shiba Inu is up by 3.48%, with its price pegged at $0.000007462. The token's trading volume has also gone parabolic, jumping by more than 128% with a total of $256 million traded overnight.

Per its current outlook, Shiba Inu remains one of the most profitable altcoins in the broader market's energetic price revival.

Can this pace be sustained?

While it is one thing to record an impressive growth surge in burn rate, it is a completely different narrative sustaining this pace. However, with the advent of Shibarium, the mission becomes more narrowed as the Layer-2 scaling solution is bound to serve as another major conduit for more Shiba Inu to be taken out of circulation.

As part of its bid to drive this mission, a potential burn portal has been teased by the development team led by Shytoshi Kusama. Though the launch date for this portal has not been unveiled, it is considered one of the key features to watch out for.