SHIB Burn Rate Soars 286 Percent, What is the Impact on Shiba Inu Token Prices?
In an unexpected surprise, the burn rate of Shiba Inu (SHIB) has witnessed a significant increase after a recent period of decline last week.
A well-known SHIB burn data tracker in the crypto community, Shibburn, recently reported an increase in the SHIB burn rate of 286.9 percent in the last 24 hours.
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SHIB Burn Rate Soars 286 Percent
According to the latest data released by Shibburn, 177 million SHIB tokens have been burned in the past 24 hours.
These tokens are the result of 12 separate transactions, highlighting the Shiba Inu team's ongoing commitment to reducing the circulating supply of SHIB.
In fact, the team has redoubled their efforts in token-burning recently, with over half a billion tokens being wiped out of circulation for good. According to Coin Edition's report, one of the most interesting aspects of this development is the ongoing debate within the crypto community regarding the impact of Vitalik Buterin's SHIB burn on the price of this meme token.
Shibburn has been actively involved in discussions on this topic, asserting that Buterin's decision to burn 90 percent of the SHIB tokens awarded to him has played a significant role in the growth of this Dogecoin competitor.
To support their argument, Shibburn provided an overview of the price chart, proposing that if Buterin chose to sell the tokens rather than burn them, the price would jump to US$0.0004225, a significant increase from the current record high of US$0.00008845.
The recent spike in SHIB burn rate can be attributed to broader market trends. After experiencing a long period of decline, many cryptocurrencies, including SHIB, have struggled to regain momentum.
