In a remarkable development for Shiba Inu (SHIB), the burn rate metric has gone parabolic, witnessing a staggering 567% increase in the number of SHIB tokens incinerated and sent to dead wallets.
According to data from Shibburn, an astounding 121,210,538 SHIB tokens were burnt overnight, significantly surpassing previous levels.
This surge in burnt SHIB tokens has contributed to a total of 410,643,987,410,621 SHIB tokens being permanently removed from circulation. In the wake of this, 579,861,188,397,103 SHIB tokens remain in circulation. As the supply of SHIB steadily decreases, it hints at the potential for substantial price surges, painting a positive picture of the burn rate metric in the ongoing evolution of this meme coin.
Notably, this impressive deflationary growth coincides with Shiba Inu’s price embarking on an uptrend trajectory, in sync with the broader cryptocurrency market. At the time of this report, Shiba Inu has witnessed a 3.48% increase, bringing its price to $0.000007462. The token’s trading volume has similarly spiked, surging by over 128%, with a staggering $256 million traded overnight.
As things stand, Shiba Inu remains one of the most lucrative altcoins amid the overarching resurgence in cryptocurrency prices.
Sustainability of the Surge
While achieving a remarkable upswing in the burn rate is undeniably impressive, sustaining such momentum is an entirely different challenge. However, introducing Shibarium, a Layer-2 scaling solution, narrows the focus, as it presents a significant avenue to reduce the supply of Shiba Inu further.
In pursuit of this mission, the development team, led by Shytoshi Kusama, has tantalizingly hinted at the forthcoming launch of a burn portal. While the exact release date for this portal remains undisclosed, it stands as a pivotal feature to watch out for in the Shiba Inu ecosystem.