In a significant deflationary move for November, Shiba Inu has transferred more than 12 million SHIB tokens to inactive or “dead” wallets.
Shiba Inu (SHIB) is gaining momentum in its efforts to reduce its token supply, and this was evident in its latest performance. Over the past 24 hours, a total of 12,143,493 SHIB tokens were sent to inactive wallets, marking a 105% increase compared to the previous level. This move reaffirms Shiba Inu’s commitment to reducing its token supply and becoming a deflationary protocol.
According to Shibburn data, at least three different wallets sent over one million SHIB tokens each to inactive wallets. The amounts sent varied from 1,406,204 to 4,747,015 SHIB.
SHIB Burn Chart. Source: Shibburn
Shiba Inu Price Lags Behind Burn Rate Surge
Despite the recent increase in the token’s burn rate, Shiba Inu’s price currently stands at $0.000007676, down 3.67%. While the price is moving in a different direction from the positive burn rate, there’s evidence of continued buying interest, indicated by a 40% rise in trading volume to $161,683,039.
Given these mixed performance signals, we can anticipate some short-term impacts that might contribute to a price recovery in the crypto market.
Shibarium Boosts Shiba Inu’s Performance
Shiba Inu’s performance today is closely tied to Shibarium, its Layer-2 scaling solution. Shibarium not only serves as a way to burn SHIB tokens but also plays a vital role in increasing the demand for SHIB through the growth of decentralized applications and NFT marketplaces.
Shibarium is currently handling a daily transaction count of 21.39K, and as an additional utility, it can influence not only the price of its native token BONE but also that of SHIB and other assets in the ecosystem. Shiba Inu has various aspects, and the recent increase in the burn rate suggests a potentially positive trend for November.
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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