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Shiba Inu (SHIB) Burn Rate up 704% as Price Crosses Crucial Threshold

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Thu, 9/11/2023 - 8:11
Shiba Inu (SHIB) Burn Rate up 704% as Price Crosses Crucial Threshold
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Shiba Inu (SHIB) is displaying strength in more than one way today as the deflationary burn rate metric gains a massive boost. Data from Shibburn pegs the total number of SHIB sent to dead wallets at 9,793,961 SHIB, a figure that is up 704.59% from the previous day's level. 

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This burn rate is in keeping with the tempo it started the week with, where more than 120 million SHIB have been taken out of circulation thus far. 

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SHIB Burn Rate via Shibburn

According to the charts, the address "0x195451.." contributed the bulk of the overall total amount burnt, with exactly 9,653,363 added to the burn wallet. At least three other wallets also sent some tiny quotas to the burn address, underscoring the resolve of the broader Shiba Inu community to deflate the excessive SHIB supply.

With the current Shiba Inu burn outlook, exactly 410,644,719,355,767 SHIB has been burnt since the deflationary metric was introduced. This leaves approximately 580,026,441,139,621 SHIB in circulation. These figures show that despite the impressive progress made thus far, there is still a long way to go to eradicate the massive SHIB that keeps prices diluted.

Shiba Inu price outlook

This impressive burn rate figure comes as Shiba Inu's price is on a major recovery. Data from CoinMarketCap shows SHIB has soared by 5.3% overnight to keep its price above the crucial threshold of $0.000008612.

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This price level is particularly a good boost for members of the community considering how this level is the highest SHIB has touched in a month and the best since Aug. 19. Closing above this price zone might reinforce confidence in the market and permit the already existing greed in the market to truly play out.

With the burn rate and buying sentiment synchronizing, a more bullish upside for the price lies ahead.

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