With a significant development in the meme token sector, Shiba Inu’s (SHIB) burn rate exceeding 5500% has seemingly become a focal point again. Today’s burn tracking revealed that approximately 26 million SHIBs were destroyed in the past day, injecting some market optimism into the dog-themed meme token.
SHIB Burn Rate
Cryptocurrency market analysts and investors continue to foresee a potential upward price trajectory for SHIB, primarily attributing this to the token burn chronicles and recent developments in the Shiba Inu ecosystem. It might be beneficial to note that SHIB is trading with an upward outlook, and the significant increase in the burn rate corresponds with a drop.
Data provided by the Shiba Inu follower platform Shibburn paints a picture of the token’s increased burn rate. According to Shibburn’s data, a 5564.09% increase followed the burning of 25.93 million SHIBs from the cryptocurrency’s total supply. This development clearly offers hope as it is expected to lead to a rising price movement due to the reduction in supply.
SHIB Whale Activity
However, at the time of writing, SHIB’s total supply is estimated to be 589.27 trillion tokens, with 410.72 trillion tokens burned to date. Another report reveals that the wallet address 0xa9d1e08c7793a… is primarily responsible for the aforementioned increase in the burn rate, followed by other smaller burning transactions.
The latest data shows that another address, 0x0bae1851fb0…, burned 1 million SHIB today. Further research indicated through Etherscan’s data that this address still holds 17.32 million SHIB, increasing speculation about future burning activities. Simultaneously, the massive increase in the burn rate has ignited market optimism among cryptocurrency market participants, aligning today’s price movement with the burn data.
