Shiba Inu (SHIB) has significantly recovered its deflationary metric, the burn rate. Data from Shibburn pegs the overnight surge at a massive 5803.56%, the largest daily surge this month.
Shiba Inu Shrinks Circulating Tokens
Shiba Inu is currently undergoing a renaissance, one that it hopes will deflate its huge supply. With the burn rate, it has effectively shrunk the circulating supply by exactly 26,430,838 SHIB.Â
With this burn rate, Shiba Inu’s total burnt tokens come in at 410,726,279,938,541 SHIB. This is valued at $9,676,711,155, a figure that pales compared to the $13,734,114,165 still left in circulation.
HOURLY SHIB UPDATE$SHIB Price: $0.00002354 (1hr -0.01% â–¼ | 24hr 3.75% â–² )
Market Cap: $13,859,410,214 (3.46% â–²)
Total Supply: 589,273,720,061,458TOKENS BURNT
Past 24Hrs: 26,430,838 (5803.56% â–²)
Past 7 Days: 160,003,103 (147.24% â–²)— Shibburn (@shibburn) May 10, 2024
Based on the aggressive burning, the community remains optimistic that the total supply of Shiba Inu will drop significantly soon. This optimism helps keep the hope that the price of the asset would trade at $0.01 in the longer term. Many in the Shiba Inu ecosystem are optimistic that with more defined burning and adoption measures, this feat is achievable.
The SHIB burning measures remain largely manual for now. It requires members to directly send their SHIB to burn addresses. This generally triggers some members who generally boycott the burning. This led to some lengthy days of flat burn rate jumps.
Solving The SHIB Burn Impasse
The core Shiba Inu developers remain committed to deflating the supply and return value to the token holders. While the most effective burn mechanism through the burn portal is yet to launch, alternative systems are now taking center stage.
One of these alternative ways is to enhance Shibarium, the project’s layer-2 scaling solution. With a properly optimized protocol through Shibarium Hard Fork, developers can build usable applications for the community. With these applications, the users can place more demand on SHIB and other ecosystem tokens, thus driving utility.
Per the current projections, this model will also impact price positively, but in a more organic way.
