The post Shiba Inu Burn Rate Surges Over 660% as Prices Rebound appeared on BitcoinEthereumNews.com.

Shiba Inu (SHIB) experienced a 665% surge in deflationary burn rate. The majority of coins burned came from a single wallet. A total of 410,662,274,269,053 SHIB have been burned to date, but analysts suggest more elimination is needed for a significant price impact. The meme-inspired cryptocurrency Shiba Inu (SHIB) saw a massive boost to its deflationary burn rate on Thursday, just as prices rebounded from recent lows. According to data from burn tracker Shibburn, a total of 9.6 million SHIB were sent to dead wallets in the past 24 hours. This represents a surge of 665% compared to the previous day’s burn rate. The bulk of the tokens burned came from a single wallet address, underscoring the Shiba Inu community’s determination to reduce the circulating supply. At least three other wallets contributed smaller amounts to the dead address as well. This latest burn comes amid an intensified push by SHIB holders to voluntarily destroy tokens in hopes of decreasing the massive circulating supply and potentially boosting prices. To date, around 410,662,274,269,053 SHIB have been burned, leaving approximately 580 billion tokens still in circulation. Despite this progress, analysts say far more tokens need to be eliminated before any meaningful price impact occurs. SHIB’s market cap still sits near $5 billion, meaning the over 400 trillion burned so far only equals about 8% of the total supply. Shiba Inu burn rate has been on an uptrend Nonetheless, the renewed uptick in burning activity comes at an opportune time, coinciding with a recovery in SHIB prices. According to CoinMarketCap, SHIB rose 4.5% over the past 24 hours to stay above the key $0.000008612 level—its highest price in a month. This support level marks an important psychological threshold for the meme coin. After plunging below it in early October, SHIB struggled to reclaim the…

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Filed under: News - @ November 9, 2023 11:18 pm