The Shiba Inu cryptocurrency saw a sharp rise in its burn rate, jumping more than 7,911% in just 24 hours. This surge has caught the attention of investors. According to Shibburn data, 279.65 million SHIB tokens were removed from circulation during this period.
Notably, one wallet played a major role in this burn, contributing a large portion of the total. These developments have led investors to closely monitor the meme coin’s market performance, signaling a possible trend.
Massive Burn of 279.65 Million SHIB
A total of 279.65 million SHIB tokens were burned in the last 24 hours, according to the latest data. This sharp reduction in supply led to the notable increase in the burn rate. One specific wallet, “0xa9d…d3e43,” was responsible for burning 277.58 million tokens.
This focused burn has drawn attention from market watchers, as reducing the supply can often lead to price increases. Despite this significant burn, SHIB’s circulating supply still stands at 583.53 trillion.
Shiba Inu Burn Rate Spikes 544%, Fueling Ecosystem GrowthImpact on SHIB Price
Increased SHIB burning has now followed a general uptrend in the meme coin market section. It has particularly created a debate for the possibility of SHIB price bouncing back. The fact that the token was created with higher supply has fueled the debate that the shib token price will bounce back.
The strategies made by the investors bear some hope since a low availability usually increases the prices. On the same note, the total crypto market has appeared to be on an upward trend, which has helped meme coins such as Shiba Inu. This increase in burn rate is noteworthy, especially given the fact that the overall market improvements have been accompanied by the expectation of larger growth in the near future.
Single Wallet’s Role
Of the tokens that were eliminated from circulation, the address “0xa9d…d3e43” alone burned 277.58 million SHIB tokens. Such a big, concentrated burn has caused a stir about the wallet’s plan. Perhaps this could enhance market confidence as it has substantially cut the supply of this currency. It could also lead to other investors emulating to take advantage of these opportunities.
