Shiba Inu’s Burn Rate Soars, Sending 16.6 Million Tokens to Dead Wallets

• Shiba Inu’s burn rate spikes, removing millions from circulation.
• 16.6 million SHIB burnt, pushing deflationary efforts into overdrive.
• Shiba Inu sees trading volume rise as burn rate surges.

Shiba Inu (SHIB) has experienced a notable surge in its burn rate over the last 48 hours, marking a shift in its deflationary efforts. According to data from Shibburn, an online platform that tracks burn activities, more than 16.6 million SHIB tokens were permanently removed from circulation by being sent to dead wallets.

This surge represents an astonishing 23,864% increase in burn activity. With this removal, the circulating supply of SHIB now stands at approximately 585.26 trillion tokens.

Before this dramatic spike, the burn rate had been nearly non-existent, with little to no tokens being burnt in the previous 24 hours. The unexpected uptick in burns has sparked discussions within the Shiba Inu community, as it represents a significant shift in the token’s deflationary mechanism.

However, while this burn is noteworthy, it still represents a small fraction of the total supply. The remaining circulating supply is still measured in the trillions of SHIB tokens, so the immediate impact on the token’s price remains to be seen.

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Burn Rate and Market Impact

The burn activity is not just a technical aspect for the Shiba Inu ecosystem; it’s also seen as a potential catalyst for a price recovery. Even though the recent burn represents a small portion of the total circulating supply, its potential long-term effects could play a role in reducing the overall supply, potentially making SHIB more scarce.

However, experts argue that more substantial and consistent burn rates will be necessary to achieve a notable increase in the price of SHIB. As of the latest data, SHIB is trading at $0.000008728, reflecting a modest 0.3% rise in the past 24 hours.

The increase in SHIB’s burn rate has been accompanied by a 20.02% spike in trading volume, reaching $163.62 million. In addition to the burn activity, Shiba Inu has been gaining attention due to other developments, such as the launch of SHIB perpetual futures on Gemini for European traders.

This initiative is expected to bring new speculative interest, further contributing to the recent uptick in SHIB’s market activity. Despite this progress, experts remain cautious, emphasizing that a larger shift in investor sentiment and a reduction in selling pressure will be essential for SHIB to see a meaningful price surge.

The market is still volatile, and many investors are closely monitoring the token’s deflationary mechanisms and broader adoption efforts to gauge future growth.

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