- Shiba Inu (SHIB) records an extraordinary 47,872% increase in its daily burn rate, signifying a vibrant community commitment to its deflationary strategy.
- Despite this remarkable surge, SHIB’s market price has not aligned with these bullish events, indicating potential for future price movements.
SHIB’s Record-Breaking Burn Rate
The Shiba Inu (SHIB) community has witnessed a remarkable event in the token’s history with a gigantic 47,872% jump in its daily burn rate. According to data from Shibburn, the meme coin has seen over 28 million SHIB transferred to dead wallets, marking a significant milestone in its deflationary campaign.
Deflationary Strategy in Action
This dramatic rise in the burn rate underscores the Shiba Inu ecosystem’s vitality and the community’s dedication to the token’s deflationary agenda. Since the launch of this campaign, a total of approximately 410.6 trillion SHIB has been removed from circulation.
The Impact on Circulating Supply
With the recent burns, the circulating supply of SHIB now stands at about 580.4 trillion. Notable contributions to this burn include a significant transaction from the wallet address “0x811b…1954f,” which incinerated over 27 million SHIB, valued at around $226.87 based on the current market price.
Shibarium’s Approaching Milestone
The timing of this burn rate spike coincides with a major upcoming milestone for Shibarium, Shiba Inu’s blockchain network. The total blocks on Shibarium are nearing 1.8 million, with over 1.72 million blocks already created, signaling a robust activity on the network.
Price and Burn Rate Decoupling
Despite these positive developments in the SHIB ecosystem, the token’s price has not paralleled these bullish trends. Currently trading at $0.000008364, SHIB has seen a 3% decrease in the past 24 hours. This disconnect suggests that the market may not have fully priced in the recent surge in the burn rate and the advancements on Shibarium.
Shiba Inu’s Future Outlook
The significant increase in SHIB’s burn rate, combined with ongoing developments on Shibarium, positions Shiba Inu distinctively among its peers in the cryptocurrency market. While the current price does not reflect these developments, the heightened burn rate and network milestones may set the stage for a potential turnaround in SHIB’s market performance in the near future.