Data from Shibburn.com shows that the burn rate for the Shiba Inu (SHIB) meme coin has significantly increased to start the week. The burn rate for the meme coin has increased to as high as 6,546.26% during the last 24 hours, suggesting a significant amount of transactions taking place in the Shiba Inu ecosystem.
According to statistics on burn rates, one of the greatest lump sums of SHIB tokens to have been burned since the beginning of the month was delivered to defunct wallets. The Shiba Inu wallet with the most burn activity tallied millions of tokens burned in stages, with the biggest totaling 48,855,841 and occurring roughly 15 hours after the drafting of this sentence.
Possibly the most significant deflationary element in the Shiba Inu environment is the burn rate. The intention is to progressively decrease the total quantity of the meme currency, hence long-term adding value for its users. The attitude associated with the burn rate is frequently one of retaliation among community members.
This response usually leads to a significant increase in SHIB purchases, which supports a rise in the token’s price in the near future.
Shiba Inu price reaction
Shiba Inu’s price has decreased by 1.38% to $0.000007941 despite the enormous burn rate that was seen today. The overnight decline in the digital currency is a result of the current generally negative market attitude.
Shiba Inu has maintained its 5% weekly growth rate, showing continued resiliency in the face of declining market volatility. Investors may start to price in this optimism in the near future due to the burn rate mentality, which would assist undo the overnight losses.
The introduction of Shibarium, which will burn some of the transaction fees collected, gives Shiba Inu a significant edge that will further accelerate its burn rate.
