Shiba Inu (SHIB) Prints 2,555% Jump in Burn Rate, Will Price Follow?
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Shiba Inu (SHIB) has started the year on an impressive footing concerning its burn rate, which has soared as high as 2,552.62% in the past 24 hours. Based on the burn rate, a total of 129,716,497 SHIB have now been sent to dead wallets with contributions from multiple wallets.
While the biggest contribution to the burn address came in at 66,339,884 SHIB from 0x5493281, other major contributions are worth 50,422,597 SHIB. At the time of writing, a total of 410,680,586,707,785 SHIB have been burned thus far. Based on the current market valuation, this figure is worth about $4,254,650,878.29, a sum that is just shy away from Shiba Inu’s market capitalization of $6,102,470,848.
The current SHIB circulating supply now comes in at 581,000,734,535,567 SHIB. Despite the progress made with the burn rate thus far, a more aggressive stance is required to meet the ultimate target of the meme coin project.
The impact of this bullish trend in burn rate is not currently reflected in the price of SHIB. At the moment, the token is trading for $0.00001036, down by 1.50% in the past 24 hours. The expectation in the short term is that the token burn will get priced in and spark the much-anticipated recovery in the price of SHIB.
Upcoming burn portal watch
At the moment, the SHIB burning program is conducted manually as designated tokens designed to go out of circulation are sent by community members to the burn address. After months of developmental work, a burn portal is expected to make its way onto the Shibarium Layer-2 scaling solution that will change the dynamics from manual mode to automatic.
This is poised to bolster the efficiency of Shiba Inu’s deflationary campaign and might have a positive long-term impact on SHIB’s price.
