Outside Source
TL;DR
- The Shiba Inu burn rate surged by nearly 140,000% in the past 24 hours, with over 105 million tokens burned, contributing to a significant reduction in the circulating supply.
- Alongside the burn rate, other SHIB metrics such as large transaction volumes and daily active addresses have also risen, indicating growing interest and engagement.
Burning Goes Through the Roof
Shiba Inu’s burning mechanism witnessed a substantial resurgence in the past 24 hours. Data shows that the burn rate skyrocketed by almost 140,000%, resulting in approximately 105 million tokens being sent to a null address. The figure sounds quite impressive, considering the fact that the burned SHIB in the last seven days equals 114.7 million tokens.
While the USD equivalent of the destroyed stash is insignificant, continuous efforts in that area can have a positive effect on the price of the meme coin. The program’s ultimate goal is to reduce the tremendous circulating supply of SHIB, making it scarcer and potentially more valuable in time (should demand stay the same or go up).
The Shiba Inu team has already burned over 41% of the total supply, or around 410.7 trillion tokens, leaving the current circulating supply at around 583 trillion SHIB.
Meanwhile, the price of the meme coin is well in the green, spiking by 6% on a daily scale. It currently trades at around $0.00001411, meaning a 30% spike compared to the local bottom observed during the Monday (August 5) crypto market crash.
It will be interesting to see whether the ascent will continue in the following days, considering the revival of the meme coin niche and the rebound of the entire crypto sector observed in the past few days.
As of the moment, approximately 47% of the SHIB investors are sitting on some paper profits, while more than 50% are underwater. During the bull run in mid-March, those in the green were around 63%.
Other SHIB Metrics on the Rise
The burn rate is not the only Shiba Inu-related indicator heading north in the last 24 hours.
IntoTheBlock data shows that aggregated daily volume, where each transaction surpasses $100K, has soared by 52% to over $20 million. Daily active SHIB addresses have increased, too, albeit in a more modest fashion.
Such a resurgence often suggests growing interest and increased user engagement and network activity, which could, in turn, contribute to positive price momentum.
This article first appeared at CryptoPotato
