The Shiba Inu burn rate has accelerated once again after a lackluster start to the week. The burn rate has surged over 400% in the last 24 hours alone, signifying a move alongside the Shiba Inu price as the crypto market rally continues.
Shiba Inu Sees 434% Spike In Burn Rate
The burn rate, over the past days, has seen a significant amount of tokens burned compared to the start of the week, according to burn tracking website, Shibburn. At the time of writing, there has been a total of 18 burn transactions recorded in the last 24 hours, which have seen almost 14 million SHIB tokens incinerated.
This figure is a 434% increase from the prior day’s figure of 2.6 million. This had been a 67% decline from Monday, so this turn in the burn volume is a welcome development for the meme coin. Additionally, the increase in the number of burn transactions shows a growing interest among Shiba Inu holders to participate in reducing the supply of the token.
Some notable burn transactions from the last 24 hours include 8 transactions in total carrying more than 1 million tokens to the burn address. Naturally, these addresses make up the bulk of the burned tokens, with smaller transactions thrown in there as well.
Despite this significant increase in daily burn rate, the weekly burn rate is still suffering. Shibburn’s data shows that a little over 42.4 million tokens have been burned during this time. However, it represents a 70.41% decline from the previous week’s figure, showing that the burns for this week are falling short already. Nevertheless, the movement of SHIB tokens to the burn address is a plus overall to the ecosystem, no matter how small.
HOURLY SHIB UPDATE$SHIB Price: $0.00002592 (1hr -0.74% ▼ | 24hr 1.69% ▲ )Market Cap: $15,272,148,650 (1.67% ▲)Total Supply: 589,273,562,176,905
TOKENS BURNTPast 24Hrs: 13,982,741 (434.65% ▲)Past 7 Days: 42,412,565 (-70.41% ▼)
— Shibburn (@shibburn) May 22, 2024
Can SHIB Burn Send Price To $0.0001?
The Shiba Inu burn initiative is something that is meant to propel the SHIB price by reducing the amount of tokens in circulation. This became important as the SHIB supply is more than 500 trillion, greatly limiting its upside potential. Thus, by reducing the supply, the community hopes to propel demand.
However, the SHIB burn has not moved as fast as expected. Going on two years since its inception, the burn is yet to reach 1 trillion tokens. To put this in perspective, around 410.7 trillion tokens have been burned in total. Of this, Ethereum founder Vitalik Buterin burned 410 trillion tokens which were sent to him in 2021. This means that the community has collectively burned around 700 billion tokens since the burn began.
At this rate, it is unlikely that the Shiba Inu burn will propel the SHIB price toward $0.0001 anytime soon. However, with the crypto market picking up and Bitcoin rallying toward a new all-time high, SHIB still has the potential to reach this figure, which would be around a 300% increase from its current price level.
Featured image created with Dall.E, chart from Tradingview.com
