- Over 121 billion SHIB tokens were burnt overnight, marking a 567% surge from previous levels.
- Shiba Inu’s price has risen by 3.48% to $0.000007462, while its trading volume has surged by over 128%.
- The introduction of Shibarium to reduce SHIB supply is expected to intensify the positive trend in the burn rate metric.
Shiba Inu (SHIB) witnessed a dramatic surge in its burn rate, setting ablaze over 121 billion SHIB tokens overnight. This sudden spike, a staggering 567% increase from previous levels, has significantly impacted the coin’s overall supply dynamics.
According to data from Shibburn, this substantial burn has propelled the total number of SHIB tokens destroyed to a staggering 410,643,987,410,621, leaving 579,861,188,397,103 SHIB in circulation. The remarkable reduction in supply has not only intensified the scarcity of the token but has also significantly contributed to a rapid upsurge in its market value.
With this relentless reduction in supply, Shiba Inu enthusiasts are eyeing the potential for further price surges. Currently, Shiba Inu is riding high with an impressive 3.48% increase, valuing each token at $0.000007462. The overnight trading volume has witnessed an astounding spike of over 128%, amounting to a substantial $256 million.
This accelerated pace of growth has triggered discussions about the sustainability of Shiba Inu’s momentum. While the challenge of maintaining this extraordinary burn rate remains a concern, the further developments on Shibarium, Shiba Inu’s promising Layer-2 scaling solution, have kindled optimism. Enthusiasts believe that the continuous expansion of Shibarium could play a vital role in further reducing the circulating supply of Shiba Inu tokens, potentially fostering sustained growth in the foreseeable future.
