Although the crypto market has continued to show bearish signs across major cryptocurrencies, SHIB has flipped bullish in this key metric.
Data from on-chain tracking service Shibburn reveals a staggering five-digit spike in SHIB’s burn rate, as millions of SHIB tokens were wiped out of circulation over the last 24 hours.
SHIB burn rate up 12,285.94%
With SHIB’s burn rate skyrocketing by a massive 12,285.94% in just one day, the dog-themed meme token Shiba Inu (SHIB) saw a total of 12,385,936 SHIB tokens permanently removed from circulation on June 20.
This rapid surge in SHIB’s burn rate has sparked interest across the crypto ecosystem, especially as the token had been experiencing consistent lows in its burn rate over recent weeks. Therefore, the five-figure increase seen today reflects a remarkable resurgence, as demand for the token appears to be returning to earlier levels.
The latest removal of millions of SHIB tokens from circulation has brought SHIB’s circulating supply down to 584,525,215,730,881, highlighting the Shiba Inu team’s ongoing commitment to creating scarcity and driving up the value of the leading meme coin.
What’s next for the SHIB price?
While the SHIB team remains committed to the project’s deflationary strategy, SHIB holders closely monitor this activity to anticipate potential price movements.
Token burns are a key part of Shiba Inu’s long-term roadmap. By sending tokens to inaccessible wallets, the team effectively removes them from circulation forever.
This sharp increase in the burn rate is significant for SHIB investors, as a decreasing supply can potentially boost demand. This suggests growing on-chain activity, which could turn bullish for the token.
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Despite the spike in this critical metric, SHIB price has not yet responded and continues to trade in the red. Still, holders are optimistic that this resurgence in the burn rate could signal a short-term price recovery.
While this latest burn is one of the largest in recent weeks, it underscores the Shiba Inu community and developers’ strong commitment to managing the token’s supply.
