Shiba Inu Burn Rate Rockets 991%, Will It Impact Its Price?

The Shiba Inu project has caught the eyes of cryptocurrency market enthusiasts lately with a flurry of updates and developments within its ecosystem. Meanwhile, according to data provided by Shibburn, the burn rate of Shiba Inu (SHIB) rocketed over 991% over the last 24 hours, marking another milestone for its community. The significant increase in the burn rate of the second-largest meme crypto seems to have triggered optimism among the community.

SHIB Burn Rate Skyrockets

The burning rate of Shiba Inu coin surged by 991.36% in the last 24 hours, as reported by the crypto’s burn-rate tracking platform, Shibburn. The recent jump in the burn rate resulted in the incineration of around 178.39 million Shiba Inu tokens during this period.

The SHIB community has conducted 53 transactions over the last 24 hours to permanently remove a significant number of tokens from circulation. The highest four transactions from yesterday were 19.19 million, 17.39 million, 10.74 million, and 10.64 million, respectively.

However, despite the significant increase in its burn rate from yesterday, the circulating supply of the token stayed at around 579.7 trillion. Meanwhile, with the latest burns, a total of 410.66 trillion coins has been removed from its initial supply.

Meanwhile, in recent developments, the development team of the meme coin achieved a significant milestone by successfully completing the renouncing process of the contract for Bone ShibaSwap (BONE). BONE is the gas token for ShibaSwap and the official token of Shibarium.

Notably, this initiative began last week when Shiba Inu introduced a temporary token called Calcium with the sole purpose of renouncing the BONE contract. However, the team has warned its community that Calcium should not be used for trading due to its limited liquidity. This achievement marks a noteworthy step forward in the ongoing progress of the Shiba Inu ecosystem.

Also Read: Maker Price Rally Rages On As Active Addresses Hit 10-Week High

Shiba Inu Price & Performance

The Shiba Inu stayed in the positive territory following the positive announcement on Thursday. As of writing, the Shiba Inu price traded at $0.00000724, noting gains of 0.37% over the last 24 hours.

Meanwhile, the token’s volume jumped 35.41% to $79.67 million, and at the same time, its market cap ticked up 0.36% to $4.27 billion. The recent surge in SHIB’s price suggested that the investors have lauded the significant increase in its burn rate.

However, the volatility in the crypto market is generally higher than the other traditional markets. Keeping the volatility aspect of the industry in mind, one cannot fully predict the future performance of the cryptos.

Source