The Shiba Inu burn rate has experienced a dramatic surge, exploding by an astonishing 7,240% in just one day. This massive surge has led to the removal of over 1.1 billion tokens from circulation, effectively reducing the token's significant supply.
The burn rate of Shiba Inu (SHIB) has skyrocketed by an incredible 7,240% in just 24 hours, leading to the removal of over 1.1 billion tokens from circulation. This massive surge in SHIB burns has sparked curiosity and excitement within the crypto community.
According to Shibburn, a token burn tracker, the Shiba Inu burn rate has experienced a staggering 7,240.75% increase over the past 24 hours. This substantial token burn resulted in the permanent removal of approximately 1,104,706,719 SHIB tokens from circulation.
The driving force behind this massive SHIB burn was a single wallet, as identified by the burn tracker. This anonymous wallet address, ox6d0cf1f…, was responsible for more than 95% of this substantial Shiba Inu burn, sending approximately 1,000,148,675 SHIB tokens to a dead wallet. Following this, another address initiated a 100,000,000 SHIB burn, contributing to a significant amount of the burn activity. These combined efforts from Shiba Inu enthusiasts and community members have significantly impacted the circulating supply of SHIB, increasing the possibilities of a price surge in the meme coin.
Typically, token burns are executed with the intention to increase scarcity and drive up the value of a token over time. Since its inception in 2020, a total of 410.74 trillion SHIB tokens have been burnt from its initial supply of 999.98 trillion. Currently, the total supply of this meme coin stands at 589.2 trillion, reflecting a 41% decrease from its original amount. This reduction occurred in less than 5 years, marking a significant milestone for the Shiba Inu ecosystem. If burn rate continues to skyrocket, it could cause further deflation of supply, potentially leading to goals of many Shiba Inu community members, which is to drive the value of the meme coin to over $1.
Despite the increase in Shiba Inu’s burn rate, its price has remained unaffected, even declining by over 8.3% in the past week. The doggy-themed meme coin crashed from its previous high above $0.00002 to $0.0000186 as of writing.
While Shiba Inu faces this bearish trend, a crypto analyst SHIB Bezos has highlighted the substantial buying opportunities that investors could take advantage of during this time. The analyst suggests that at some point, Shiba Inu will become oversold, and sellers will eventually get “exhausted”, leading to a rise in the price of the meme coin. Ahead of this increase, SHIB Bezos urges investors to take advantage of dip opportunities to buy more SHIB tokens at a discount and HODL for a long term growth potential of about 5-10 years.
