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Tons of Shiba Inu (SHIB) Burnt off in Renewed Bullish Run

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Thu, 14/09/2023 - 8:28
Tons of Shiba Inu (SHIB) Burnt off in Renewed Bullish Run
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The Shiba Inu (SHIB) meme coin is sustaining its attempt to regain its lost valuation, and this time, it is concentrating its efforts on boosting sentiment by drawing on the positivity in its burn rate. The burn rate metrics, according to data from Shibburn.com, show that a total of 61,229,037 SHIB tokens had been incinerated in the past 24 hours, a figure that represents 62% growth at the time of writing.

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SHIB Burn Chart. Source: Shibburn.com

At least two different addresses were responsible for the massive token burning, with tranches of SHIB tokens sent to the dead wallet. 

While its immediate impact may be somewhat obscure, the burn rate has helped in reducing the circulating supply of the Shiba Inu protocol to a very large extent. The gradual removal of some of the SHIB tokens from circulation is a brilliant recipe to set the token up for price gains in the long run.

The correlation between the burn rate and the price gain of SHIB is already becoming more visible at this time. According to data from CoinMarketCap, SHIB is trading at a price of $0.000007256, atop a mild gain of 1.3% in the past 24 hours.

Shiba Inu on a moving elevator

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The Shiba Inu token appears to be on a moving elevator, with different fundamentals contributing to help elevate its price across the board. The ecosystem's Layer-2 network, dubbed Shibarium, has been hitting a series of new milestones in recent times.

The positive sentiment of these milestones, which include growth in both user count and overall transactions is a boost that can fuel additional adoption in a world that is dominated by other more established Layer-2 blockchain networks.

Shiba Inu is retaining its optimism to retest new price levels, and its burn rate is expected to play a unique role in this regard.

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