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Shiba Inu’s Burn Rate Soars as SHIB Price Increases

Shiba Inu (SHIB) Rises Amidst Increased Token Burn Rate

Dec 22, 2023
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The popular memecoin sees a surge in price as burn rate increases dramatically.

Well-known memecoin Shiba Inu (SHIB) has seen a significant uptick in its burn rate, with nearly 8.6 billion tokens being removed from circulation in the last 24 hours. This has coincided with a rise in SHIB’s price, which has increased by 6% over the past week and by over 30% in the last month. The successful implementation of the project’s burning mechanism is believed to have contributed to this rally.

The burn rate of Shiba Inu has seen a massive increase of more than 160,000% in the past 24 hours, resulting in the removal of almost 8.6 billion tokens from circulation. The primary objective of this program is to decrease the vast circulating supply of the asset, potentially increasing its scarcity and value over time. Data from Shibburn indicates that over 41% of Shiba Inu’s total supply has already been burned.

Another factor that could be driving SHIB’s recent surge is the continued development of the layer-2 blockchain solution, Shibarium. Since its official launch in August of this year, the network has seen millions of daily transactions throughout December, with the total number of transactions exceeding 160 million. Moreover, the total number of blocks has surpassed 2.2 million.

The recent resurgence of Shiba Inu has had a positive impact on many investors. According to data from IntoTheBlock, nearly 40% of SHIB holders are currently in profit, while 55% are at a loss. As reported by CryptoPotato, about three months ago, around 90% of holders were sitting on unrealized losses.

Another noteworthy aspect is the net flow of Shiba Inu on exchanges. As per data from CryptoQuant, outflows have exceeded inflows three times in the last four days. The shift from exchanges to self-custody methods could be seen as a bullish sign, as it reduces immediate selling pressure and suggests that the asset’s price may rise in the short term.

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