Shiba Inu Burn Rate Reaches ~1600%, Over 40M SHIB Burned

Paigambar Mohan Raj
Source: Analytics Insight

Popular canine-themed crypto project, Shiba Inu (SHIB), has witnessed a massive spike in its burn rate. As per the data on Shibburn, the burn rate reached a high of 1594.61%, after over 40 million SHIB tokens were burnt in three transactions.

Source: Shibburn
Source: Shibburn

Furthermore, Shibburn noted that in the last 24 hours, over 40 million SHIB tokens have been sent to the dead wallet, thereby forever removing them from circulation.

Nonetheless, the burn rate dropped to 656.53% at press time.

The burning mechanism was put in place to reduce Shiba Inu’s circulating supply, consequently helping push its price upwards. However, so far, the burn has done little to boost the assets’ value.

How is Shiba Inu’s price faring?

The past couple of days has been one of the most anxiety-inducing moments in crypto history. Shiba Inu was not spared from the carnage. The popular token added another zero to its price, reaching a low of $0.00000986 on November 11th. However, the US inflation numbers have provided some relief to investors and users alike.

The recent market plummets led to SHIB’s market cap going down considerably, going sub $6 billion. However, the recent boost has led to funds flowing back in, with the market cap surpassing $6 billion once again.

Source: Coingecko

Moreover, like many other projects, SHIB too has entered the greens in the daily and hourly charts. However, whether the rally continues, is yet to be seen. The markets are still engulfed with a lot of FUD, and the CPI data is the only positive thing at the moment. Therefore, the rally could potentially fizzle out very soon.

At press time, Shiba Inu (SHIB) was trading at $0.00001019, up by 2.8% in the last 24 hours, and up by 0.4% in the last hour. However, the token is still down by 13.1% over the last week.