- The burn rate of Shiba Inu (SHIB) tokens hit a new record high, with over 55 million SHIB sent to dead wallets, marking a 283% increase in burn rate.
- More individual wallets are participating in burning small amounts of SHIB, indicating a decentralized deflationary process.
- Over 410.6 trillion SHIB tokens have been burned, approaching the circulating supply of 579 trillion tokens.
The rate of burning Shiba Inu (SHIB) tokens has reached a new record high, data from Shibburn shows. Over 55 million SHIB were sent to dead wallet addresses overnight, representing a 283% increase in the burn rate.
According to the analysis of Shibburn data, more individual wallets are now involved in burning small amounts of SHIB tokens, indicating the deflationary process is becoming more decentralized.
So far, the total number of SHIB tokens burned has surpassed 410.6 trillion. This gradually approaches the circulating supply of over 579 trillion tokens.
Surge in Shiba Inu burn rate comes amidst market greenery
The accelerating burn rate comes as the broader crypto market sees a bullish rebound from recent lows. This positive development could motivate further SHIB accumulation by investors, hoping it will help drive a rally.
At the time of writing, SHIB is trading at $0.000007087, up 1.5%, according to CoinMarketCap. It has pared some of its weekly losses and looks poised to retest resistance around $0.0000075 in the near-to-medium term if current momentum continues.
Multiple fundamentals are driving ecosystem growth for the Shiba Inu token. The combination of these bullish factors, following an extended drawdown period, is needed to help SHIB maintain support and push past new resistance levels.
The rapidly increasing burn rate metric adds to the positive outlook for the meme-inspired cryptocurrency. Investor responses in the coming days will determine whether this latest deflationary milestone translates into significant price appreciation.
