Shiba Inu Burn Rate Skyrockets 1557% as SHIB Price Stabilizes

Shiba Inu’s SHIB burn rate has printed a 1539.20% surge with about 18,499,053 SHIB tokens burnt within the last 24 hours per data Shibburn.

Burn Rate and Attention-Grabbing

In what seemed like a frenzied movement, Shiba Inu, one of the most prominent meme coins functioning atop the Ethereum blockchain experienced an outstanding jump in its burn rate. This exceeded expectations and left behind a trail of more than 410.7 trillion SHIB tokens now taken out of circulation, according to data from Shibburn. 

Consequently, this surge pushed SHIB to the spotlight, gaining the attention of crypto enthusiasts and investors who were impressed by the movement. Ultimately, this underscores Shiba Inu’s growing prominence amidst other protocols and within the crypto ecosystem. The growing popularity of the SHIB token is partly attributed to the increasing interest in the coin.

This comes against the backdrop of spot Bitcoin ETFs that were approved by the United States Securities and Exchange Commission (SEC) but at the same time, SHIB has been able to stand out within its niche complemented by the embrace of Shibarium. 

Shiba Inu’s community activity and engagement have significantly grown over the past months as judged by the Shibarium metrics

Shiba Inu Burn Rate and Total Supply

Markedly, this is only one of the huge burns the SHIB landscape has seen in the last couple of weeks. Only a few days ago, the burn rate was at a staggering 4250.91%. At the time, the community incinerated a whopping 410.708 trillion SHIB to date from the token’s initial circulating supply. This was after a 4200% burn which torched another millions of SHIB tokens. 

Due to the huge burn rate, the protocol has been able to effectively eliminate a massive portion of the SHIB total supply. 

Before the incineration, the maximum total supply of the Shiba Inu token was 999,982,386,137,000. Upon completion of the burn of 410,708,049,880,540, the Shiba Inu ecosystem is now left with 581,291,545,266,594. Meanwhile, only 581,291,545,266,594 are in circulation with the remaining 8,000,404,852,864 Staked on DApps.

The price of Shiba Inu has grown within the last 24 hours and at the time of this writing, the coin has gained 0.35% and is trading at $0.000009094. The token is notably stabilizing after weeks of drawdown.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

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