Shiba Inu Burn Rate Surges 3,348% as Over 7.8 Million SHIB Sent to Dead Wallets

Shiba Inu burn rate has skyrocketed by 3,348%, with over 7.8 million SHIB sent to dead wallets in 24 hours. Despite this boost, SHIB price has dropped by 0.35%, signaling a bearish trend. However, staking and Shibarium burn portal continue to reduce supply, potentially paving the way for future price growth.

The Shiba Inu (SHIB) meme coin project continues to focus on token scarcity, with the burn rate spiking dramatically by 3,348% over the last 24 hours. According to data from Shibburn, a total of 7,843,196 SHIB tokens have been sent to inactive addresses, removing them from circulation permanently.

Burn Rate as an Ecosystem Indicator

The SHIB community often views burn rates as an indicator of ecosystem health. When the burn rate is high, it usually signals a rise in community sentiment, with expectations of price growth on the horizon. Conversely, low burn rates can reflect weaker engagement and enthusiasm within the community.

Based on Shibburn’s data, 410.72 trillion SHIB tokens have been burned to date, leaving the total circulating supply at approximately 589.27 trillion tokens. The Shiba Inu ecosystem’s efforts to reduce supply have been supported by staking mechanisms, with 5.79 trillion SHIB currently staked. These activities are designed to gradually increase scarcity, creating more value for holders over time.

Shibarium’s Burn Portal Adds Momentum

In an effort to further accelerate the burn process, Shiba Inu’s development team recently introduced the Shibarium burn portal. This tool automates the process of sending SHIB tokens to dead wallets, though it has not yet burned tokens at the scale some community members hoped for. Nevertheless, the portal is expected to facilitate future burns and enhance the long-term health of the ecosystem.

Current Market Trends: Is a Bullish Rally in Sight?

Despite the surge in the burn rate, SHIB’s price has seen a slight dip, falling by 0.35% over the last 24 hours to a value of $0.00001335. While the immediate trend appears bearish, market observers have noted that the sell-off is starting to thin out. This could be a signal that a reversal is imminent, especially if the burn rate continues to rise and reduces the overall supply of tokens.

Investors and SHIB holders remain cautiously optimistic, watching closely for signs of a broader bullish rally.

Our creator. creates amazing NFT collections! 
Support the editors - Bitcoin_Man (ETH) / Bitcoin_Man (TON)

Pi Network (Guide)is a new digital currency developed by Stanford PhDs with over 55 million participants worldwide. To get your Pi, follow this link https://minepi.com/Tsybko and use my username (Tsybko) as the invite code.

Binance: Use this link to sign up and get $100 free and 10% off your first months Binance Futures fees (Terms and Conditions).

Bitget: Use this link Use the Rewards Center and win up to 5027 USDT!(Review)

Bybit: Use this link (all possible discounts on commissions and bonuses up to $30,030 included) If you register through the application, then at the time of registration simply enter in the reference: WB8XZ4 - (manual)