Shiba Inu Burn Rate Rises 434% During Market Recovery; Can It Reach $0.0001?
After a slow week, Shiba Inu burn rate increased again. The burn rate has increased over 400% in 24 hours, moving with the Shiba Inu price as the crypto market rallies.
Shibburn, a burn monitoring website, reports a large increase in token burns during the previous several days. In the past 24 hours, 18 burn operations have burned about 14 million SHIB tokens.
This is 434% more than 2.6 million the day before. Burn volume has dropped 67% from Monday, therefore this is good news for meme currency. Burn transactions are also rising, indicating Shiba Inu holders' desire to reduce token supply.
The previous 24 hours saw 8 burn transactions transferring over 1 million tokens to the burn address. Of course, these addresses burn the most tokens, along with smaller transactions.
Despite this considerable daily burn rate rise, weekly burn rate is still struggling. Over 42.4 million tokens have been burnt, according to Shibburn. However, it is down 70.41% from last week's total, indicating that this week's burns are falling short. However, moving SHIB coins to the burn address benefits the ecosystem, however slightly.
Price To $0.0001 With SHIB Burn?
The Shiba Inu burn campaign reduces token supply to boost SHIB prices. Since SHIB supply exceeds 500 trillion, this limited its upward potential. By decreasing supply, the community aims to boost demand.
SHIB burn has proceeded slower than predicted. Two years after its launch, the burn has not reached 1 trillion tokens. About 410.7 trillion tokens have been burnt. Vitalik Buterin burnt 410 trillion tokens handed to him in 2021. This implies the community has burnt 700 billion tokens since the burn started.
This pace makes it unlikely that the Shiba Inu burn will push SHIB to $0.0001. However, with the crypto market improving and Bitcoin surging toward a new all-time high, SHIB might reach this value, which would be a 300% rise from its present price.
