Shiba Inu Burn Rate Soars 2,355.86% As 110 Million Tokens Destroyed

Shiba Inu ( SHIB ) has experienced a significant increase in its burn rate, soaring 2,355.86% over the past 24 hours. This has resulted in 110,474,927 SHIB being sent to dead wallets. The burn rate metric has always been a major catalyst for reviving interest in the digital currency, and the current data from Shibburn.com shows a strong commitment to the deflationary move from members of the ShibArmy. Several wallets have contributed to sending SHIB to the dead wallet, with one of the most significant transactions involving 105,469,546 SHIB moved by a wallet address with the marker "0x7d0c...b521f." Other transactions, such as 3,370,930 SHIB sent from "0xdfff9e...cca3b" and 1,306,865 SHIB from "0x420801...c6836d," also contribute to the total.

With the latest 110 million SHIB burnt, the overall Shiba Inu tokens destroyed now stand at 410,724,538,934,667 units, with the circulating supply still pegged at 589,275,461,065,332 SHIB. As the burn rate increases, the general expectation is that the price of SHIB will also rise. At the time of writing, data from crypto analytics platform CoinMarketCap pegs the price of SHIB at $0.000027, down by 5.95% in the past 24 hours. SHIB has recorded a major high of $0.00004534 over the past month from a low of $0.00001987. With the burn rate metrics reviving sentiment and the impact of SHIB whales, the price of the meme coin may return to its best days in a bid to retest its all-time high (ATH) in the long term.