Shiba Inu's (SHIB) burn rate is on a rampage after soaring as high as 8,511.59%, with a total of 86,115,940 SHIB incinerated in the past 24 hours, according to data from Shibburn. Based on close observation of the burn rate, the number of SHIB tokens sent to dead wallets has been consistently growing, renewing the overall bullish outlook of the meme coin.
The Shiba Inu burn rate has always been a major yardstick for determining the potential of the token to plot a major growth or rebound. With SHIB flirting around the $0.00001 resistance level, this reboot in burn rate is crucial as it can help concentrate the effort of the market bulls to hit the desired growth target.
Before this time, the burn rate growth has been relatively slow as members of the Shiba Inu ecosystem await the automatic burn feature that will be implemented through the burn portal. With the latest burning, a total of 410,708,549,032,198 SHIB has been burnt thus far, while the amount of SHIB in circulation is now reduced to 581,442,378,236,136 SHIB.
Shiba Inu rebound plans
Shiba Inu is currently buckling under the depression on the market. After falling as low as 5% over the past 24 hours, Shiba Inu is in recovery mode, inking a marginal 0.95% surge to $0.000009627.
Though the overall SHIB trading volume is yet to pick up pace with its 11% slump to $189,155,031, the expectations of a rebound are high, with the massive uptick in the Shiba Inu burn rate likely to continually shift sentiment positively.
Historically, Shiba Inu’s burn rate has a strong correlation with price growth, and this might notably usher in an unprecedented rebound that might push SHIB toward the $0.00001 level.