LIVE
What Happened When #Shiba Inu Burn Rate Rose 48,554% in One Day
Shiba Inu's burn rate dropped last week as the meme coin's price fell. The burn rate suffered when the daily amount of tokens burnt fell dramatically. As the week ends, the Shiba Inu burn rate has skyrocketed, pushed on by the project's chief developer.
Shibburn, the Shiba Inu burn monitoring website, reports a rise in SHIB tokens delivered to the burn address. Burning 87.76 million tokens in 24 hours increased the burn rate by 48,554.74%.
Interestingly, just two wallets burnt tokens. First, the “0xb8001c3” wallet delivered 61.9 million tokens to the burn on Wednesday. Two hours later, the “0xa9d1e0” wallet with 25.85 million SHIB tokens made the next transaction.
From 180,375 tokens burnt in one 24-hour transaction the day before, there was a tremendous change. The Shiba Inu burn rate dropped 99.59% due to this terrible figure.
Despite the spike in the past day, the burn rate is still dismal compared to the previous week. Shibburn reports 275.57 million tokens burnt in the last week, down 4.63%.
Burn rates might rise due to community sentiment or the Shiba Inu team burning tokens. The current burn pattern seems organic, therefore it wasn't any of those things.
This may indicate a comeback in Shiba Inu investor attitude, particularly about SHIB token reduction. By decreasing supply, demand exceeds supply, raising meme coin prices.
SHIB's price rose 0.32% following the burn trades. Bitcoin price fluctuates and favors a decline, so the rebound may be short-lived.
