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Shiba Inu (SHIB) has proven once again that it can take the spotlight with its massive burn rate spike. Data from Shibburn shows the meme coin has sent a total of 28,129,380 SHIB to dead wallets, a figure that sits at a massive 47,872% surge from the level it was at this time yesterday.
The historic rise in burn rate underscores the vibrancy of the Shiba Inu ecosystem and how committed community members are to the deflationary agenda of the protocol. With the massive jump in burn rate, the total number of tokens that have been burnt thus far since the launch of this deflationary campaign now sits at 410,645,226,894,991 SHIB.
Discounting the total burnt amount leaves 580,404,295,237,505 SHIB as the circulating supply. The major contributors to the current SHIB burn include the wallet address "0x811b…1954f," through which a total of 27,125,275 SHIB were burnt. This incinerated SHIB amounts to $226.87 at the current market price of $0.000008364.
The burn rate spike comes at a time when Shibarium is on the verge of recording its biggest network milestone to date. Data from the Shibarium scan shows the total blocks are eyeing a run-up to 1,800,000 as a total of 1,728,124 blocks has been created thus far.
Shiba Inu burn rate correlation
These historic SHIB metrics and milestones underpin what differentiates Shiba Inu from its peers.
However, the Shiba Inu rate seems decoupled from other crucial SHIB metrics. Surprisingly, the price of the meme coin has not moved in tandem with recent bullish events, a trend that suggests the market has not fully priced in the burn rate spike and the trends on Shibarium.
SHIB is changing hands for $0.000008364, down by 3% in the past 24 hours. With the performance metrics now through the roof, we can expect a dramatic turnaround soon.
Arman Shirinyan
Tomiwabold Olajide
Gamza Khanzadaev
