The burn rate of Shiba Inu (SHIB) has significantly increased as over 81 million tokens have been transferred to inactive wallets. According to data from the Shiba Inu burn tracker Shibburn, the burn rate for the last 24 hours was 4,085.94%.
Build up in deflated SHIB
Each Shiba Inu that is delivered to the burn address is intended to add to the total number of SHIBs removed from circulation. With this most recent fire, the total number of Shiba Inus destroyed has reached 410,726,232,655,518 SHIB. After this, there are around 589,273,767,344,481 SHIB still in use.
Achieving SHIB investors’ expectations through this burned token is still up in the air. The estimated value of the 81,649,878 SHIB incinerated is $2,039, which is insufficient to cause the price of the underlying token to rise noticeably.
Nonetheless, the increase in Shiba Inu burn rates contributes to the community members’ renewed hope. It also highlights the community’s belief that the SHIB burn gateway will perform as anticipated once it launches.
When automated burning kicks in, there should be a greater degree of deflation because the SHIB army is burning the tokens voluntarily.
Ultimate target
With its burn campaign, Shiba Inu hopes to reduce supply to a point where price discovery can be documented. Supporters of Shiba Inus are clinging to a long-term price of one cent, which is unfeasible given the present rate of supply.
The Shiba Inu core team, lead by Shytoshi Kusama, is launching a new utility that can increase demand, contingent on when this is accomplished. One example of how increased protocol adaptability might spur adoption is the introduction of the Shibarium hard fork.
As of this writing, SHIB’s price had increased by 0.55% in just one day to $0.00002498.
