Shiba Inu Burn Rate Skyrockets 13,900% As SHIB Price Eyes Rebound
Coinspeaker Shiba Inu Burn Rate Skyrockets 13,900% as SHIB Price Eyes Rebound
Shiba Inu (SHIB) has seen a huge spike in its burn rate, suggesting a possible price rebound. According to the Shibburn tracker, the platform that monitors the rate and amount of SHIB burnt, the burn rate has spiked by more than 13,900% in the last 24 hours. As a result, 96,634,993 SHIB tokens have been sent to dead wallets. This notably aligns with the community’s effort to reduce the token’s circulating supply.
New Burn Mechanism Facilitate SHIB Burn
This massive burn rate surge coincides with an increase in the price of SHIB earlier this week. After this short-paced uptick, the token’s price has fluctuated. At the time of this writing, SHIB traded at $0.000014, corresponding with a 1.09% dip, per CoinMarketCap data.
The burn rate has reignited new hopes for a potential price rebound. From the circulating supply of about 583 trillion SHIB, the project has successfully destroyed over 410 trillion tokens.
