According to U.Today, Shiba Inu (SHIB) tokens are experiencing a significant increase in their burn rate, with over 81 million tokens being sent to dead wallets. The burn rate has risen by 4,085.94% in the past 24 hours, according to data from the Shiba Inu burn tracker, Shibburn.
Every Shiba Inu token sent to the burn address is designed to contribute to the overall number of SHIB taken out of circulation. The recent burning of Shiba Inu tokens has pushed the total number of incinerated tokens to 410,726,232,655,518 SHIB, leaving approximately 589,273,767,344,481 SHIB in circulation.
However, the value of the 81,649,878 SHIB burnt, which is roughly $2,039, is not enough to significantly impact the price of the underlying token. Despite this, the increase in the Shiba Inu burn rate is seen as a positive sign by community members, as it indicates a renewed optimism and confidence in the future of the token.
The ultimate goal of the Shiba Inu burn campaign is to reduce the supply to a level where price discovery can occur. Supporters of Shiba Inu are aiming for a long-term price of one cent, a price level that is currently economically unfeasible given the existing supply rate.
In the meantime, the core team behind Shiba Inu, led by Shytoshi Kusama, is introducing new utilities that can drive demand. One such example is the launch of the Shibarium hard fork, which is expected to drive adoption through enhanced protocol versatility. At the time of writing, the price of SHIB had increased by 0.55% in 24 hours to $0.00002498.
