The Shiba Inu coin burn rate skyrocketed by 3010% today amid a recent downtrend, potentially signaling a rebound in SHIB's price due to the decreasing supply, although uncertainty remains.
Significant Increase in SHIB Burn Rate
During the ongoing bearish market, Shiba Inu (SHIB) has seen a remarkable increase in its token burn rate. According to data from Shibburn, a platform that tracks SHIB token burns, the burn rate surged nearly 3010% on Wednesday, June 12. Over 232 million SHIB tokens were burned by the community during this period.
Detailed Breakdown of SHIB Burns
This notable rise in token burning occurred despite a declining price for Shiba Inu. By reducing the circulating supply, the burn rate has the potential to enhance the tokenâs value. In the past 24 hours, the SHIB burn rate increased by an astounding 3010.53%, according to Shibburn.
During this time, the Shiba Inu community collectively burned 232.64 million SHIB tokens through multiple transactions. One wallet address, 0xd9aâŠ, stood out by burning 225.63 million SHIB tokens in a single transaction. Additionally, two other wallets significantly contributed by burning over 1 million tokens each. Wallet 0xa9d⊠transferred 3.18 million SHIB in two transactions, while wallet 0xc58⊠burned 1.69 million SHIB.
Other community members also conducted smaller token burns, contributing to the overall increase. Consequently, the total number of burned SHIB tokens has reached an impressive 410.72 trillion.
Potential Impact on SHIBâs Price
As of Wednesday, SHIB's price dropped by 2.36% to $0.00002196, with a market capitalization of $12.96 billion. The 24-hour trading volume for SHIB rose by 30.12% to $816.98 million, likely due to increased selloffs as $1.34 million in long liquidations were recorded in the past 24 hours.
Currently, SHIB's price is significantly lower than the crucial resistance point of $0.000025. According to a Coingape report, surpassing this threshold could allow SHIB's price to rise to $0.00003 in the near term and potentially reach $0.00005 if the momentum sustains.
Maintaining the $0.00005 level could push SHIB towards the ambitious target of $0.0001. However, SHIB is still far from its all-time high of $0.00008845, and the prevailing trend remains bearish. Therefore, SHIB must recover above $0.000025 to achieve these high-end goals. This recovery could be driven by the rapid burn rate and anticipation surrounding the Shiba Inu ETF, though uncertainty persists.
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