Shiba Inu burning shows multi-directional performance during SHIB’s wild price rise
The recent increase in SHIB quotations has triggered a change in the cryptocurrency’s burn rate numbers. One of the most interesting is the burn rate of SHIB reaching 1,720% today, when the coin prices cooled down a bit.
According to CryptEye data, such a high figure resulted in the burning of 44 million SHIBs in a single day, representing 41.9% of all tokens burned in the last seven days. Yet despite the three-digit burn rate and the six-digit number of SHIBs sent to “dead” addresses, their equivalent value does not exceed $525.
SHIB decline in burning process
It is also worth noting that a few days before the price of SHIB, when its value halved in two days, Token Burning jumped in favor of the increase. Thus, from October 23 to 27, the number of SHIBs burned increased by 16.9%.
At the same time, globally, the number of SHIBs being burned has reached a plateau since the beginning of autumn. As reported by U.Today, Shiba Inu token burning has fallen by 60.6% since September. This trend is continuing and, judging from the one-year graph, is a normal state of affairs. Against this background, the period from mid-July to the end of August seems abnormal. The Shiba Inu total supply was then reduced by 7 billion SHIB at a time.
