The burn rate of Shiba Inu (SHIB), an important indicator of growth, increased over 57,000% within the past day, suggesting a significant effort to enhance its deflationary nature.
Shiba Inu Records Largest Monthly Burn Rate
According to Shibburn, the meme coin’s burn tracker, a burn rate of 57,262.74% was spotted.
Approximately 396 million SHIB tokens were destroyed in the past 24 hours, marking one of the coin’s largest burn rates in recent weeks for the dog-themed altcoin. The surge in burning activity on April 14 significantly strengthened Shiba Inu’s deflationary nature.
One week ago, the protocol experienced a record-breaking burn rate of approximately 25,035.22%, which was deemed the largest transaction of this kind in a while. Now, the Shiba Inu ecosystem is observing an even higher burn rate, reflecting the community’s dedication to the deflationary strategy.
Approximately 589.27 trillion SHIB tokens are currently in circulation. Following the latest token burn, the amount of SHIB tokens that have been destroyed from the total supply is approximately 410.27 trillion.
Starting from April 20, the Shiba Inu token saw a weekly burn of approximately 714 million coins. A large portion of this, around 650 million SHIB, was burnt on April 14 and played a major role in increasing the weekly burn rate.
Impact of Improved SHIB Burn
The rising SHIB burn rate is bringing a sense of encouragement and optimism to the adoption of this memecoin.
The team behind Shiba Inu expects that reducing its supply will lead to scarcity, increasing demand, and enhancing the token’s market activity. In contrast to typical inflationary models, they believe this strategic move sets Shiba Inu apart as a distinct cryptocurrency contender.
The shock to Shiba Inu’s supply has sparked debate among investors and market analysts about potential repercussions for its price.
SHIB’s price has risen by nearly 20%, with the coin now valued at $0.000027 on the price charts. According to Coingape’s previous analysis, Shiba Inu could potentially hit a target price of $0.00004, which would mean a substantial increase of over 100% for the cryptocurrency.
The anticipated surge in demand from the suggested token burning could potentially push the price up to its highest point in months, around $0.00004 – a challenging yet achievable goal.
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2024-04-21 15:08