Shiba Inu Burn Rate Continues To Deal a Massive Blow to the Meme Coin's Circulating Supply, Surging Nearly 1000% This Saturday

Recent statistics from the token's official burn tracker revealed that almost 17 million coins were removed from the circulating supply in just a day.

The Shiba Inu burn rate continues to deal a massive blow to the meme coin’s circulating supply, surging nearly 1000% this Saturday. Recent statistics from the token’s official burn tracker, Shibburn, indicate that almost 17 million SHIB were destroyed in just a day.

As crypto traders and investors know, a reduction in the circulating supply can bode well for the asset’s price, especially if the demand for the asset remains the same. Less supply with persistent or increased demand pushes prices higher, aligning with economic principles.

However, a recent report by Benzinga sheds light on what could be fuelling the Shiba Inu burn rate today.

What Happened: According to the latest data from Shibburn on X, the Shiba Inu burn rate surged 984.58% in the past 24 hours. As per the data, 16,939,454 SHIB were burnt from the total supply over the past day. Following the abovementioned burn chronicle, the total number of coins burnt to date was evaluated as 410,740,068,866 tokens. Further, the total circulating supply shredded down to 584,369,999,999,993 SHIB tokens at the time of reporting.

Two separate wallet addresses were responsible for boosting the Shiba Inu burn rate today. Shibburn’s data suggested that “0xa9d1e08c7” burnt 10 million SHIB tokens, while “0xa20833” burnt 4.3 million SHIB tokens.

Where To Buy Shiba Inu:

Shiba Inu is among the most popular cryptocurrency tokens. It is a token that is used for tipping, spending at participating merchants, and donating to charity.

Those interested in purchasing, selling, or trading Shiba Inu can do so on several cryptocurrency exchanges. Some of the well-known exchanges where Shiba Inu is available for trading include Binance, Coinbase, Huobi, Kraken, KuCoin, and FTX.

Shiba Inu Price Analysis:

At the time of writing, SHIB coin’s price jumped over 3% and exchanged hands at $0.00001220. The meme coin saw a pump from a low of $0.00001183 over the past day. This price upswing mirrors a bullish impact fuelled via the recent SHIB burn rate surge.

Besides, the price upswing also falls in line with today’s broader market trend, signaling that a recovery-like trend is cooking. Bitcoin price regained a hold above $83K after slipping as low as $74K this week.