Shiba Inu (SHIB) has swiftly improved its burn rate feature, which has soared as high as 1,628% in the past 24 hours, according to data from Shibburn.
Shiba Inu shifting gears
This current upshoot in Shiba Inu is a testament to the resilience of the protocol to beat all the odds. The meme coin project opened the week to a significantly lowered burn rate, a metric that later improved toward the end of the workday.
With the current burn rate resurgence, Shiba Inu sent a total of 88,755,998 SHIB to dead wallets, expanding the total SHIB taken out of circulation. There were at least three major contributors to the latest jump in SHIB incineration, with the biggest lump burnt sponsored by the wallet "0xcf6...fdeaa" through which a total of 52,392,528 were taken out of circulation.
The wallet with the address tag 0x74d...f9a1 helped move more than 34 million SHIB out of circulation, while 2,096,631 were burnt through the address 0xc664...50ae.
With the figures displayed, the total burnt Shiba Inu thus far now comes in at 410,690,167,721,176 SHIB. This leaves the current tokens in circulation at 581,127,781,873,309 SHIB.
With the Shiba Inu team intensifying efforts to burn SHIB, the question remains whether this will translate to a significant uptick in price in the long run.
Potential impact on price
Despite the expected correlation between the Shiba Inu burn rate and the SHIB price, the past few upticks in incinerated tokens have not translated to a corresponding jump in the token’s valuation.
This is a concerning trend as Shiba Inu desperately needs to muster all possible metrics to reboot its current bearish price outlook. At the time of writing, Shiba Inu was changing hands at $0.000009618, down by 0.89% in the past 24 hours.
When the SHIB burn is priced in, it might contribute to the push to reclaim another zero for its price.