Shiba Inu (SHIB) Incinerates 3.7 Million Tokens in Massive 30,187% Spike

Shiba Inu (SHIB) just started March on a bullish note concerning its deflationary campaign. Data from Shibburn.com currently pegs the 24-hour burn rate at 30,187.99%, with a total of 3,759,043 SHIB sent to dead wallets.

Shiba Inu burn agenda

Shiba Inu remains on the radar or watchlists of most community members, and of the numerous yardsticks to measure its growth, the burn rate is the most consulted. The digital currency has been on a consistent deflationary path, with new upticks in its total supply underscoring a likely push for higher price runs.

With the current burning, the total quantity of burnt Shiba Inu now comes in at 410,708,759,005,968 SHIB, leaving a total of 581,653,928,920,940 SHIB in circulation.

While there is still a long way to go, reducing its excessive supply is considered the major way for Shiba Inu to increase its price and return value to its holders in the long term. To further boost this Shiba Inu burn agenda, the developer team is looking to introduce a burn portal on its layer-2 scaling network, Shibarium, to automatically deflate the token’s supply.

While the burn portal timeline remains unknown, its expectation has largely helped many SHIB holders keep the faith that the future looks bright.

Shiba Inu price in mix

Since the start of the year, Shiba Inu has jumped as high as 25.12%, showcasing how generally bullish it has grown thus far. However, at the time of writing, SHIB is changing hands for $0.00001305, down by 5.58% in the past 24 hours.

Though the burn rate remains a key catalyst that might change the price’s outlook in the long term, the correction underway currently mimics the general trend on the market after the eclectic rise of the past few weeks.