According to U.Today, Shiba Inu (SHIB) has seen a significant increase in a key metric. The burn rate of SHIB has surged by 439.9% in the past 24 hours, with over 6.2 million tokens being sent to dead wallets. This token burn event is crucial for the meme coin as it can potentially boost its price. The process of sending a token to a dead address permanently removes it from the circulating supply, meaning these burned tokens can no longer be accessed, traded, or used for transactions.
This process is particularly important for Shiba Inu as it enhances the SHIB price by increasing the scarcity of the coins currently in circulation. It also contributes to making the overall ecosystem more efficient and streamlined. More than 410.72 trillion tokens have been burned from the initial supply, leaving more than 583.34 trillion tokens in circulation. This indicates that the SHIB team has been actively working to increase the token's scarcity.
At present, the meme coin is trading at $0.00001638, a decrease of 2.76% in the last 24 hours. The trading volume of Shiba Inu has also decreased by 24.26% to $391.82 million. These figures present a concerning situation for the token. However, this bearish sentiment is prevalent across the broader market. Following the recent crash, the market is expected to rebound slightly. The Shiba Inu price is also anticipated to recover from the current levels. Despite the recent slump, the overall outlook for SHIB, especially with the latest surge in burn rate, is not entirely negative.