2023-12-5 09:30 |
The burn rate of popular meme coin Shiba Inu saw notable growth this week after a single transaction destroyed over 8,349,338,139 SHIB, accounting for 99% of all coins burned in the past day. The accelerated reduction of token supply points to bullish price outlooks.
According to SHIB burn aggregator Shibburn, more than 8.3 billion SHIB were burned over the last 24 hours. The massive figure represents a 7,686,774% explosion in daily burn activity.
Behind this figure was one transaction alone, burning 8.24 trillion SHIB 11 hours ago. Overall, 410 trillion SHIB have now been permanently removed from circulation through community-led efforts.
The Shiba Inu burn initiative allows SHIB holders to send tokens to dead-end wallets, reducing circulating supply. Lower supply, paired with steady demand appreciation, can boost prices based on tokenomics principles.
SHIB has already gained 11.6% in the past week amid renewed hype, now trading at $0.00000909. If burn momentum escalates from whales and collectors ramping up burns, SHIB could see increased scarcity that enables it to delete another zero and surge toward $0.00001 in the months ahead.
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The post Shiba Inu Burn Rate Skyrockets by 7,686,774% as SHIB Surges 11%: What Caused the Spike in Burn Rate? appeared first on CaptainAltcoin.
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