u.today
The amount of Shiba Inu's available supply has substantially decreased by multiple tens of millions of tokens after the network concluded a massive burn event on the last day.
Amid the consistently growing Shiba Inu network activity, the leading meme token has recorded a massive four-figure surge in its daily burn rate, according to data from Shibburn.
46.25 million $SHIB faces permanent exit
Although momentum surrounding the Shiba Inu price movement is beginning to slow as the price stalls slightly above the $0.0000052 mark, the latest on-chain data shows that the Shiba Inu supply is getting tighter.
As of Tuesday, September 8, the data shows that a total of 46.25 million $SHIB has been sent to dead or irretrievable wallets over the last 24 hours, driving a substantial 1,307% surge in its burn rate during the period.
This massive burn activity has driven the $SHIB weekly burn volume to surpass 126 million $SHIB, worth about $678 at $SHIB's current trading price.
Shiba Inu price slows
Although substantial increases in the Shiba Inu burn metric could provide a bullish signal for the asset, as they often indicate strong network growth, they do not directly influence its price movement.
It is important to note that large burn activities tend to reduce the amount of supply available for sale, boosting demand for the asset while improving its scarcity.
With the asset currently trading in the red, the divergence between its price movement and such a large burn activity is not extremely significant to market analysts, as the metric cannot solely drive a price increase for $SHIB.