Shiba Inu (SHIB) has kicked off the week with a notable increase in its deflationary measure, the burn rate. According to Shibburn data, the burn rate has surged by over 283%, with a substantial 55,399,172 SHIB tokens sent to inactive wallets overnight.
A look at the Shibburn data reveals that there are now more wallets participating in burning SHIB tokens compared to before. What’s interesting is that smaller portions of tokens are being burned incrementally, indicating a shift toward greater decentralization in Shiba Inu’s deflationary practices.
SHIB Burn Chart. Source: Shibburn
The ongoing consistency in the burn rate has resulted in a total of over 410.6 trillion SHIB tokens sent to inactive wallets. This number is steadily catching up to the circulating supply, which stands at over 579 trillion SHIB tokens.
This surge in the Shiba Inu burn rate coincides with a broader resurgence in the digital currency market after recent lows. The positive burn rate could act as an incentive for SHIB investors to increase their involvement with the token, with hopes of sparking a price rally.
Price Impact Potential
For Shiba Inu, various fundamental factors are contributing to the growth of its ecosystem. After a prolonged period of negative trends, a combination of these bullish catalysts is essential to not only sustain SHIB’s current support but also overcome new resistance levels.
As of the latest data from CoinMarketCap, the token has risen by 1.3% to reach $0.000007119. If this momentum continues, it could help the token recover its weekly losses and aim to retest the resistance point at $0.0000075 in the near to long term.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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