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Shiba Inu (SHIB) Burns 7,912,388 Tokens as Burn Rate Shoots up 2,814%

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Tue, 11/06/2024 - 9:56
Shiba Inu (SHIB) Burns 7,912,388 Tokens as Burn Rate Shoots up 2,814%
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Shiba Inu (SHIB) is on a very tight leash as the price continues to nosedive in consonance with the broader digital currency ecosystem. At the time of writing, Shiba Inu is down by 2.37% in 23 hours to $0.00002234, but this slump is buoyed by the 2,814% surge in the token’s burn rate.

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Data from Shibburn pegs the actual Shiba Inu burnt at 7,912,388 SHIB, a figure that is a massive liftof from around 200,000 tokens incinerated earlier on Monday. At least three wallets featured prominently in the burn rate jump as they contributed more than 1 million SHIB each to the dead wallet.

Shiba Inu Burn Rate via Shibburn

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The biggest of the three wallets ‘0x608...9fe80’ helped incinerate a total of 4,320,587 SHIB. Also wallets ‘0xc66...650ae’ and ‘0x608...9fe80’ added 1,538,128 SHIB and 1,031,814 SHIB respectively. More smaller SHIB contributions were also made to the burn address bringing the total number of Shiba Inu tokens burnt from initial circulation to 410,726,546,023,229 SHIB.

Shiba Inu is currently at the mercy of the broader digital currency ecosystem. With the price of Bitcoin dropping below the $68,000 mark, both Shiba Inu and other tokens with a higher correlation to BTC have a relatively lower chance of printing a solo recovery.

Besides the burn rate metric, Shiba Inu is now gradually faring better in its other core performance markers. At this time, the daily trading volume underscores the ongoing mild revival in its community with a surge of 33.35% in 24 hours to $624,883,442. 

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Besides this the whale transaction has blown up, surging by 438% in what has seen a total of $172.5 million traded overnight. While Shiba Inu fundamentals remain bullish, the recovery in the short term might come down to its on-chain figures across the board.

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