Shiba Inu (SHIB) is displaying a clearly dynamic environment as the week begins with a combination of a little price decline and a favourable increase in burn rate.
Shiba Inu burn rate metric
According to data from Shibburn, there have been 298,761,752 SHIB worth of tokens burned overall in the last day alone—a 438.17% increase. Considering that the SHIB burn rate has been increasing noticeably over the last week, this burn rate is a ruse.
Since the beginning of the year, individuals within the Shiba Inu ecosystem have taken the initiative to burn SHIB. With everyone’s help, there are now 410,723,397,483,539 SHIB more than there were in the original supply (or 589,276,602,516,460 SHIB) in circulation.
The most notable transaction resulting from the Shiba Inu deflationary campaign was the enormous hand burning of SHIB tokens through the use of a wallet address tagged “0xda…f57705.” This wallet address burned 211,489,784 SHIB tokens in total. This transaction was motivated by community members’ curiosity. Aside from the 50,000,000 million from 0xdb…2019a and the 46,000,000 SHIB from 0xb23…c460, there have been other significant burning transactions seen on-chain.
Shiba Inu price action
Despite the positive sentiment around the Shiba Inu burning campaign, the meme coin’s price has not increased significantly in the last 24 hours. According to CoinMarketCap statistics, the price of Shiba Inu is now down 2%, at $0.00003426.
The sell-off, which has increased by 25.5% in the last week, might be viewed as a slight correction from the enormous upswing. Shiba Inu is holding steady above the $0.00003 price level; the bull cycle’s mid-to-long-term objective is to surpass the previous all-time high (ATH) and eliminate one more zero.
