Shiba Inu (SHIB) is experiencing a notable recovery, driven by a significant rise in its burn rate for the second consecutive time. After recording an impressive 14,575% spike on October 14, the burn rate has continued its upward momentum, surging by an additional 7,911%. As a result, a total of 281,888,884 SHIB tokens have been permanently removed from circulation, sent to dead wallets today.
Burn Rate Highlights Community Commitment
The burn rate increase holds significant importance for Shiba Inu. It reflects the project’s ongoing efforts to reduce the excess supply of SHIB tokens, highlighting the community’s dedication to deflationary measures. This action not only reduces the circulating supply but also indicates a strong and healthy protocol. A higher burn rate often correlates with positive market sentiment, suggesting a favorable outlook for the SHIB ecosystem.
Related article: Shiba Inu Gears Up for a Breakout: 2.7 Trillion SHIB in 24 Hours
With the latest token burns, the total number of burned SHIB tokens has reached an impressive 410,731,181,056,899. As a result, the circulating supply has dropped to 583,538,056,599,858 SHIB. One of the largest contributors to this burn came from a wallet with the address
“0xa9d…3e43,” which burned a substantial 277 million SHIB tokens. This level of community participation plays a crucial role in the ongoing reduction of SHIB’s supply, potentially driving up the token’s value over time.
Price Momentum Reflects Positive Burn Impact
The SHIB burn has a history of being associated with price increases, and recent performance indicators show the token is in a positive range. As of today, SHIB is trading at $0.00001837, reflecting a 1.87% increase in the last 24 hours. The token has also shown moderate growth over the past week as it edges closer to breaching the $0.00002 price level.
Related article: Shiba Inu Advances in DeFi as Shibarium TVL Reaches New Highs
Although the much-anticipated “Uptober” rally has not yet fully materialized for SHIB, the recent surge in the burn rate could help push the price toward new highs.
If the burn rate continues at this pace, SHIB could soon break through the $0.00002 mark, bringing the token closer to realizing its bullish potential.
