Shiba Inu (SHIB) Burn Rate Soars 26,000%, Will Bulls Leverage This Metric?

Shiba Inu (SHIB) is seeing a slight slip in its price relative to the general market momentum today. The memecoin is trading at a spot price of $0.000008797, down by 0.87% over the past 24 hours. Per the data from CoinMarketCap, the memecoin is still up in the green over the past week in which it has inked a marginal 0.40% growth.

Notably, the Shiba Inu token is exhibiting a very defined growth in terms of its burn rate. This metric, according to the Shibburn tracker, the burn rate has soared as high 26,450% over the past 24 hours. 

With this parabolic burn rate, more than 3 billion SHIB tokens have now been sent to dead wallet, complementing the losses recorded in this metric for the past few days.

Shiba Inu burn rate is an important metric that shows how much of the token is removed from circulation, thus showcasing how the memecoin is deflationary. Deflation is a major consideration for investors and chances are that SHIB bulls may leverage this metric to go on a defined bullish push for a huge returns in the near future.

Shiba Inu Burn Rate and Price Correlation

Of most digital currencies around today, Shiba Inu can be regarded as one with a very definitive burn mechanism. Since its inception, the core developers have been committed to fostering transactions that will compound the total tokens sent to the dead wallet as a means to drastically reduce the overall supply over time.

Oftentimes, the burn rate has been connected with bullish price jumps and the consistency in the burning can be a game changer in predicting the short term price outlook for the memecoin. With Shibarium recording massive transactions that has the tendency of contributing to the burn rate, the future of the entire protocol and its projected price gain is bright.