Despite bearish market trends, Shiba Inu (SHIB) has seen a significant surge in its burn rate, reaching 2,355.86% over the past 24 hours. With 110,474,927 SHIB sent to dead wallets, the burn rate serves as a catalyst for renewed interest in the meme coin. Key transactions include the transfer of 105,469,546 SHIB from "0x7d0c...b521f," indicating a strong commitment to the deflationary strategy by the ShibArmy. The total burn count now stands at 410,724,538,934,667 SHIB, while the circulating supply remains at 589,275,461,065,332 SHIB.
Shiba Inu Burn Rate Surges, Sending Price Recovery Signals
Since the commencement of April and the new financial quarter, Shiba Inu (SHIBUSD) has primarily witnessed bearish downtrends across various metrics. However, recent data released by Shibburn.com reveals a remarkable surge in the burn rate of the meme coin, reaching an impressive 2,355.86% increase over the last 24 hours. This surge has resulted in the incineration of approximately 110,474,927 SHIB, which have been transferred to unspendable dead wallets.
The burn rate has consistently been a crucial catalyst for Shiba Inu, fueling renewed interest in the cryptocurrency. The current data from Shibburn demonstrates the unwavering commitment of the ShibArmy community to reducing the circulating supply, as numerous wallets contributed to the transfer of SHIB to dead wallets.
A pivotal transaction in this latest burn campaign involved the transfer of 105,469,546 SHIB from a wallet address identified as "0x7d0c...b521f." Other significant contributions included 3,370,930 SHIB sent from "0xdfff9e...cca3b" and 1,306,865 SHIB from "0x420801...c6836d."
Following this latest burn of 110 million SHIB, the total number of Shiba Inu tokens destroyed has reached 410,724,538,934,667 units, while the circulating supply remains at 589,275,461,065,332 SHIB.
Shiba Inu Price Poised for Recovery
The substantial uptick in the burn rate has ignited optimism that the price of SHIB will rebound and reclaim its previous bullish trajectory. At the time of writing, data from the crypto analytics platform CoinMarketCap indicates that SHIB is currently trading at $0.000027, down by 5.95% in the past 24 hours.
Over the past month, SHIB has recorded a peak of $0.00004534 and a low of $0.00001987. With the resurgence of the burn rate metric and the potential influence of SHIB whales, the price of the meme coin could potentially return to its former glory and even challenge its all-time high (ATH) in the long term.
