- ShibaInu burn rate surged by 1,328.82%, with over 27 million SHIB tokens sent to dead wallets, reducing the circulating supply.
- This major burn has contributed to a 2.37% price increase, signaling potential for higher scarcity and market value.
ShibaInu (SHIB) is making waves in the cryptocurrency market once again, with its burn rate seeing an astronomical surge of 1,328.82% in just one day. This significant uptick in SHIB token burns has set the stage for potential scarcity, which could lead to higher demand and value for the meme coin.
A Major Spike in SHIB Burn Activity
On Tuesday, a fresh bull run kicked off in the crypto market, pushing key cryptocurrencies above major resistance levels. This market momentum fueled a surge in demand for ShibaInu, propelling the token’s burn rate to new heights. As a result, the Shiba Inu team sent a staggering 27,204,090 SHIB tokens to “dead wallets,” effectively removing them from circulation.
The Shiba Inu team aims to increase the token’s scarcity through its burn strategy, which could, in turn, drive up its market value.By reducing the supply of SHIB, the team hopes to stimulate investor interest and create upward price pressure.
Large-Scale SHIB Burns to Increase Scarcity
According to Shibburn, the on-chain burn tracker, the SHIB burn process has involved several large transactions, including significant transfers of 15,736,713 SHIB and 11,060,001 SHIB tokens.The Shiba Inu community executed these burns in varying batches, demonstrating its commitment to reducing the token’s circulation.
As a result of these burns, the remaining circulating supply of SHIB now stands at a massive 589,252,031,906,252 tokens. With such a sizable supply, there’s still plenty of room for future burns, which could have a lasting impact on SHIB’s scarcity and price.
ShibaInu Price Reacts to Burn Surge
These burns already seem to reflect in SHIB’s price.Data from CoinMarketCap shows a 2.37% increase in SHIB’s value over the last 24 hours, pushing its price to $0.00001354. This price surge is a promising sign, suggesting that the increased burn rate could help further fuel SHIB’s rise in the market.
The recent surge in ShibaInu’s burn rate is a bullish development for the meme coin. As the community removes more tokens from circulation, SHIB may be on track for increased scarcity—and potentially, higher value.
