Surprisingly, the burn rate of Shiba Inu (SHIB) tokens has increased dramatically over the past 24 hours, hitting an astounding 2,924.74%. A staggering 30,247,447 SHIB tokens were destroyed during this time, according to Shibburn statistics, bringing the total number of tokens burned from the initial supply to 410.7 trillion. At now, the maximum quantity of SHIB tokens available is 999.9 trillion.
Market watchers are closely watching how this event will affect the price of Shiba Inu, which is presently valued at $0.000009519, as the burn rate suffers an unprecedented spike. Despite the fact that the token has dropped by 0.50% over the last day and by 6.68% over the last seven days, the increase in burn rate might serve as a positive trigger.
Potential bullish catalysts
Investors are looking for indications of momentum since the price of Shiba Inu has been consolidating recently. However, by lowering the circulating supply, the noticeable rise in burn rate is anticipated to have a favourable impact on market dynamics. The token’s value can rise as a result of increased demand brought on by this reduction in supply.
An Ethereum (ETH) whale has come out of crypto hibernation to make a significant investment in SHIB, which has added to the optimistic atmosphere. As previously reported by U.Today, the whale made a large investment of $5.80 million in only the last 24 hours, purchasing an astounding 606.36 billion SHIB.
Moreover, the well-known stock trading company Robinhood has added additional Shiba Inus to its portfolio. According to recent data, the market worth of 36.684 trillion SHIB, or $350.34 million, is now held in the Robinhood wallet. This is a remarkable increase of almost 230 billion SHIB tokens in a single day.
While Shiba Inu’s price performance has been rather stable in the near term, a bullish trajectory may emerge in the next days due to a rising burn rate, noteworthy investments from significant players, and growing acceptance by platforms such as Robinhood.
