According to CryptoPotato, the Shiba Inu burn rate has surged by nearly 140,000% in the past 24 hours, with over 105 million tokens burned. This significant reduction in the circulating supply has been accompanied by a rise in other SHIB metrics, such as large transaction volumes and daily active addresses, indicating growing interest and engagement in the cryptocurrency.
Shiba Inu’s burning mechanism has seen a substantial resurgence recently. Data indicates that the burn rate skyrocketed by almost 140,000%, resulting in approximately 105 million tokens being sent to a null address. This figure is notable, especially considering that the total burned SHIB in the last seven days amounts to 114.7 million tokens. While the USD equivalent of the destroyed tokens is minimal, continuous burning efforts could positively impact the price of the meme coin by reducing its circulating supply, making it scarcer and potentially more valuable over time.
The Shiba Inu team has already burned over 41% of the total supply, or around 410.7 trillion tokens, leaving the current circulating supply at approximately 583 trillion SHIB. Meanwhile, the price of the meme coin has increased by 6% on a daily scale, currently trading at around $0.00001411. This marks a 30% spike compared to the local bottom observed during the recent crypto market crash. It remains to be seen whether this upward trend will continue, given the revival of the meme coin niche and the rebound of the entire crypto sector in recent days. Currently, about 47% of SHIB investors are experiencing paper profits, while more than 50% are still at a loss. During the bull run in mid-March, those in profit were around 63%.
In addition to the burn rate, other Shiba Inu-related metrics have also shown positive trends in the last 24 hours. Data from IntoTheBlock reveals that the aggregated daily volume of transactions exceeding $100K has increased by 52% to over $20 million. Daily active SHIB addresses have also risen, albeit more modestly. This resurgence suggests growing interest and increased user engagement and network activity, which could contribute to positive price momentum for SHIB.
