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The second-largest memecoin Shiba Inu (SHIB) has seen its token burn rate increase by 1628% in the last 24 hours, according to data provided by the Shibburn platform that tracks token burns. This surge in the token burn rate indicates a consistent upward trend in burns for SHIB.
Shiba Inu’s Token Burn Rate on an Upward Trend
The current upward momentum in Shiba Inu’s token burn rate is proof of the altcoin breaking through all resistance in its rise. Indeed, the altcoin project started the new week with an increased token burn rate after completing the previous week with strong token burns.
With the token burn rate rising again in the new week, a total of 88.75 million SHIB were sent to dead wallet addresses, removing them from circulation. The recent spike in SHIB’s burn rate was contributed to by at least three major wallet addresses, with the wallet starting with 0xcf6… conducting the largest token burn transaction, removing a total of 52.39 million SHIB from circulation.
Another wallet address starting with 0x74d… facilitated the removal of over 34 million SHIB from circulation, while a wallet starting with 0xc66… was responsible for burning 2.09 million SHIB. With the latest token burns, the total amount of SHIB burned and removed from circulation has reached 410.69 trillion, reducing the current circulating supply of SHIB to 581.12 trillion.
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Market observers particularly consider the Shiba Inu team’s focus on SHIB burns as a potential trigger for a significant price increase in the long term.
Potential Impact of Token Burns on SHIB’s Price
Despite the expected correlation between Shiba Inu’s token burn rate and SHIB’s price, the recent increase in the number of tokens burned has not boosted the altcoin’s price.
Moreover, the fact that Shiba Inu’s price is on a downward trend and many metrics are negative is worrying investors. Nevertheless, with the support of consistent SHIB burns, a rise in price is expected, and with the support of token burns, the removal of a zero from the price is anticipated. At the time this article was prepared, SHIB has decreased by 0.89% in the last 24 hours, trading at $0.000009618.
