u.today
For the second time this week, Shiba Inu ($SHIB) has recorded a bump in its burn rate. This metric is essential as it helps get the coin to a level where a significant number is taken out of circulation.
Shiba Inu burn rate
Recent data from Shibburn shows the token’s daily burn rate grew by 1,088%. This saw the removal of 98,136 $SHIB from circulation. These tokens have been sent to inactive addresses, which will become permanently unavailable for spending. The 98,136 $SHIB tokens burnt were from a single transaction from the wallet address with the mark "0x811954f."
As noted, Shiba Inu employs the burn rate to control the token’s supply, keep the price steady and possibly force a rebound soon. So far, 410,727,971,296,171 $SHIB have been burnt from the circulating supply of 583,426,840,565,219 tokens. The recent surge in burn rate comes amid price changes in the broader market, with no exception for $SHIB.
At press time, $SHIB’s price dropped by 1.5% in the last 24 hours to $0.00001359, according to CoinMarketCap’s data. The trading volume decreased by 17.7% in 24 hours to $180 million in the same time frame. Based on this data, it becomes obvious that the $SHIB metric has not helped the recovery of the token.
Meanwhile, the $SHIB burn rate has continued to increase, according to a U.Today report. Earlier this month, the burn rate surged over 4,411%, resulting in the removal of 114,618,006 tokens from the market.
What's next for $SHIB?
Now that the token reduction approach does not positively affect $SHIB’s price, the community must explore other strategies to maintain price stability. Though the launch of a burn portal might help, the broader Shibarium utility will help move it into the limelight.
Despite these challenges, $SHIB is currently targeting the $0.0000137 mark, an important support level that could raise its price.