Shiba Inu (SHIB) is picking up momentum as concerns its burn rate metric after it recorded its lowest daily plunge in weeks. Data from Shibburn reveals that a total of 12,143,493 SHIB have been sent to dead wallets in the past 24 hours, a figure that represents 105% growth from the previous level. With this jump, Shiba Inu is reinstating its status as a deflationary protocol.
Based on the Shibburn figure, at least three distinct wallets were involved in sending more than one million SHIB to dead wallets, with figures ranging from 1,406,204 to 4,747,015.
The price of Shiba Inu is, however, not reflecting this current burn rate surge as the token is currently trading at $0.000007676, down by 3.67%. Though the price is moving in the opposite direction from the positive burn rate, there is proof of sustained buying interest, as showcased in the 40% jump in trading volume to $161,683,039.
With the mixed performance signals, we can expect some impacts in the short term that may help trigger price recovery across the board.
Place of Shibarium
It is difficult to talk about Shiba Inu's performance today without mentioning the role of Shibarium, its Layer-2 scaling solution. Shibarium serves as another channel to burn SHIB, and with the growth of decentralized applications and NFT marketplaces, it is helping to drive the mainstream adoption of SHIB through increased demand.
Shibarium currently boasts of a daily transaction count of 21.39K and as an added utility outfit, it can play a key role in driving not just the price of its native token BONE, but that of SHIB and other assets within the ecosystem.
Shiba Inu is a token with different facets, and the current uptick in burn rate might set the stage for a bullish November.